Reference no: EM13966917
Younger online company has the following liability accounts after posting adjusting entries: Accounts Payable 73,000, Unearned ticket revenue 24,000, warranty liability 18,000, interest payable 8,000, mortgage payable 120,000, notes payable 80,000, and sales tax payable 10,000. Assume the company's operating cycle is less than 1 year, ticket revenue will be recognized within 1 year, warranty costs are expected to be incurred within 1 year, and the notes mature in 3 years.
a. Prepare the current liabilities section of the balance sheet assuming 30,000 of the mortgage is payable next year
b. Comment on Younger online company's liquidity, assuming total current assets are 300,000
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