Prepare the current liability howell company''s balance

Prepare the current liability howell company''s balance sheet

Assignment Help Financial Accounting

Reference no: EM139844

Howell Company has the following selected accounts after posting adjusting entries:

Accounts Payable	$ 45,000
Notes Payable, 3-month	80,000
Accumulated Depreciation-Equipment	14,000
Payroll and Benefits Payable	27,000
Notes Payable, 5-year, 8%	30,000
Estimated Warranty Liability	34,000
Payroll Tax Expense	6,000
Interest Payable	3,000
Mortgage Payable	200,000
Sales Tax Payable	16,000

Instructions

1. Prepare the current liability section of Howell Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.)

2. Comment on Howell's liquidity, assuming total current assets are $450,000.

Reference no: EM139844

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