Bramble Corp. has the following account balances at December 31, 2021: Notes payable ($47,000 due after 12/31/22) $78,000 Unearned service revenue 55,000 Mortgage Payable ($70,000 due in 2022) 195,000 Salaries payable 25,000 Accounts payable 49,000 In addition, Bramble is involved in a lawsuit. Legal counsel feels it is probable Bramble will pay damages of $20,000 in 2022. Bramble records provisions related to litigations in the account Litigation Liability. Prepare the current liabilities section of Bramble's December 31, 2021, balance sheet. Bramble Corp. (Partial) Balance Sheet

Bramble Corp. has the following account balances at December 31, 2021: Notes payable ($47,000 due after 12/31/22) $78,000 Unearned service revenue 55,000 Mortgage Payable ($70,000 due in 2022) 195,000 Salaries payable 25,000 Accounts payable 49,000 In addition, Bramble is involved in a lawsuit. Legal counsel feels it is probable Bramble will pay damages of $20,000 in 2022. Bramble records provisions related to litigations in the account Litigation Liability. Prepare the current liabilities section of Bramble's December 31, 2021, balance sheet. Bramble Corp. (Partial) Balance Sheet

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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