Q4- Datco Company has the following selected accounts after posting adjusting entries: Accounts Payable S 45,000 Notes Payable, 3-month 70,000 Accumulated Depreciation-Equipment 14,000 FICA Taxes Payable 27,000 Notes Payable, 5-year, 8% 30,000 Warranty Liability 29,000 Раyroll Tax Expense 6,000 Interest Payable 3,000 Mortgage Payable 200,000 Sales Taxes Payable 16,000 Instructions (a) Prepare the current liability section of Datco Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.) (b) Comment on Datco Company liquidity, assuming total current assets are $450,000.

Q4- Datco Company has the following selected accounts after posting adjusting entries: Accounts Payable S 45,000 Notes Payable, 3-month 70,000 Accumulated Depreciation-Equipment 14,000 FICA Taxes Payable 27,000 Notes Payable, 5-year, 8% 30,000 Warranty Liability 29,000 Раyroll Tax Expense 6,000 Interest Payable 3,000 Mortgage Payable 200,000 Sales Taxes Payable 16,000 Instructions (a) Prepare the current liability section of Datco Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.) (b) Comment on Datco Company liquidity, assuming total current assets are $450,000.

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

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...

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