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1 The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: Accounts Payable S 112,000 Salaries Payable

1 The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: Accounts Payable S 112,000 Salaries Payable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. 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. Please provide explanation for mortgage payable, and for those which will not included in current lability
Transcribed Image Text:1. 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. Please provide explanation for mortgage payable, and for those which will not included in current lability
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