Burlington Corporation has the following selected accounts after posting adjusting journal entries: Accounts Payable $79,000 Notes Payable,
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Question:
Burlington Corporation has the following selected accounts after posting adjusting journal entries:
Accounts Payable | $79,000 |
Notes Payable, 3-month | 90,000 |
Accumulated Depreciation | 14,000 |
Notes Payable, 5-year, 4% | 30,000 |
Salaries expense | 6,000 |
Interest Payable | 1,500 |
Mortgage Payable | 250,000 |
Provincial Sales Tax Payable | 39,500 |
Prepare the current liability section of the Corporation's statement of financial position, assuming $15,000 of the 5-yearnote is payable next year.
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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