answer quickly 1. The Creative Electronics Company shows the following selected adjusted account balances as atDecember 31, 2020:Accounts Payable112,000Salaries Payable153,000Accumulated Depreciation, Equipment40,000Estimated Warranty Liability35,000Mortgage Payable292,000Notes Payable, 6 months38,000Required:Prepare the current liability section of Creative's balance sheet. $52,000 in principal is due during2021 regarding the mortgage payable.Please provide explanation for mortgage payable, and for those which will not included in current lability

Introduction: Current liabilities: The liabilities which are to be paid with in 12 months period of…

Answered: 1 The Creative Electronics Company…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

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1 The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: Accounts Payable S 112,000 Salaries Payable