Exercise 1 1. The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: 11 Accounts Payable 2,0 00 15 Salaries Payable 3,0 00 Accumulated Depreciation, Equipment 40, 00 35, Estimated Warranty Liability 00 29 2,0 00 Mortgage Payable Notes Payable, 6 months 38, 00 Required: Prepare the current liability section of Creatives balance sheet. $52,000 in principal is due during 2021 regarding the mortgage payable.

Exercise 1 1. The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: 11 Accounts Payable 2,0 00 15 Salaries Payable 3,0 00 Accumulated Depreciation, Equipment 40, 00 35, Estimated Warranty Liability 00 29 2,0 00 Mortgage Payable Notes Payable, 6 months 38, 00 Required: Prepare the current liability section of Creatives balance sheet. $52,000 in principal is due during 2021 regarding the mortgage payable.

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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