Current Attempt in Progress Flounder Corp. has the following account balances at December 31, 2021: Notes payable ($50,000 due after 12/31/22) $84,000 Unearned service revenue 59,000 Mortgage Payable ($76,000 due in 2022) 210,000 Salaries payable 27,000 Accounts payable 53,000 In addition, Flounder is involved in a lawsuit. Legal counsel feels it is probable Flounder will pay damages of $21,000 in 2022. Flounder records provisions related to litigations in the account Litigation Liability. Prepare the current liabilities section of Flounder's December 31, 2021, balance sheet.
Current Attempt in Progress Flounder Corp. has the following account balances at December 31, 2021: Notes payable ($50,000 due after 12/31/22) $84,000 Unearned service revenue 59,000 Mortgage Payable ($76,000 due in 2022) 210,000 Salaries payable 27,000 Accounts payable 53,000 In addition, Flounder is involved in a lawsuit. Legal counsel feels it is probable Flounder will pay damages of $21,000 in 2022. Flounder records provisions related to litigations in the account Litigation Liability. Prepare the current liabilities section of Flounder's December 31, 2021, balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress
Flounder Corp. has the following account balances at December 31, 2021:
Notes payable ($50,000 due after 12/31/22)
$84,000
Unearned service revenue
59,000
Mortgage Payable ($76,000 due in 2022)
210,000
Salaries payable
27,000
Accounts payable
53.000
In addition, Flounder is involved in a lawsuit. Legal counsel feels it is probable Flounder will pay damages of $21,000 in 2022. Flounder
records provisions related to litigations in the account Litigation Liability.
Prepare the current liabilities section of Flounder's December 31. 2021, balance sheet.
131 PM
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