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Current Liabilities Section
Patterson Inc. had the following accounts and balances on December 31, 2016:
Income Taxes Payable
$62,550
Notes Payable, 10%, due June 2, 2017
$ 1,000
Allowance for Doubtful Accounts
17,800
Accounts Receivable
67,500
Accounts Payable
24,600
Discount on Notes Payable
150
Interest Receivable
5,000
Current Maturities of Long-Term Debt
6,900
Unearned Revenue
4,320
Interest Payable
3,010
Wages Payable
6,000
Required:
Prepare the Current Liabilities section of Patterson Inc.'s balance sheet as of December 31, 2016.
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