The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: Accounts Payable 112,000 Salaries Payable 153,000 Accumulated Depreciation, Equipment 40,000 Estimated Warranty Liability 35,000 Mortgage Payable 292,000 Notes Payable, 6 months 38,000 Required: Prepare the current liability section of Creative's balance sheet. $52,000 in principal is due during 2021 regarding the mortgage payable.

The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: Accounts Payable 112,000 Salaries Payable 153,000 Accumulated Depreciation, Equipment 40,000 Estimated Warranty Liability 35,000 Mortgage Payable 292,000 Notes Payable, 6 months 38,000 Required: Prepare the current liability section of Creative's balance sheet. $52,000 in principal is due during 2021 regarding the mortgage payable.

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

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 14P: Assurance-Type Warranty Clean-All Inc. sells washing machines with a 3-year assurance-type warranty....

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