Blue Spruce Corp. has the following account balances at December 31, 2021: Notes payable ($ 46,000
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Question:
Blue Spruce Corp. has the following account balances at December 31, 2021:
Notes payable ($ 46,000 due after 12/31/22) | $ 76,000 | |
Unearned service revenue | 53,000 | |
Mortgage Payable ($ 68,000 due in 2022) | 190,000 | |
Salaries payable | 24,000 | |
Accounts payable | 48,000 |
In addition, Blue is involved in a lawsuit. Legal counsel feels it is probable Blue will pay damages of $ 19,000 in 2022. Blue records provisions related to litigations in the account Litigation Liability.
Prepare the current liabilities section of Blue's December 31, 2021, balance sheet.
Related Book For
Project management the managerial process
ISBN: 978-0073403342
5th edition
Authors: Eric W Larson, Clifford F. Gray
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