The following alphabetized list of selected adjusted account balances is from the records of Jasper Company on

Question:

The following alphabetized list of selected adjusted account balances is from the records of Jasper Company on December 31, 2014:

Accounts Payable ...................................................... $71,000

Accumulated Depreciation—Equipment.................... 46,000

Estimated Warranty Liability...................................... 16,500

GST Payable................................................................... 9,800

Mortgage Payable, $35,000 due Dec. 31, 2015.......... 370,000

Notes Payable, due April 1, 2015 ................................. 15,800

Notes Payable, due April 1, 2018 .............................. 114,000

PST Payable..................................................................... 7,600

Warranty Expense.......................................................... 11,200

Required

Prepare the current liability section of Jasper Company’s 2014 balance sheet (for simplicity, list the accounts from largest to smallest).

Analysis Component: Why is it important to classify assets and liabilities?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...