Waterway Online Company has these liability accounts after posting adjusting entries: Accounts Payable $70,500, Unearned Ticket Revenue $31,500, Warranty Liability $25,500, Interest Payable $9,400, Mortgage Payable $125,500, Notes Payable $87,500, and Sales Taxes Payable $18,000. Assume the company's operating cycle is less than 1 year, ticket revenue will be recognized within 1 year, warranty costs are expected to be incurred within 1 year, and the notes mature in 3 years. (a) Prepare the current liabilities section of the balance sheet, assuming $33,500 of the mortgage is payable next year. WATERWAY ONLINE COMPANY Partial Balance Sheet S $

Waterway Online Company has these liability accounts after posting adjusting entries: Accounts Payable $70,500, Unearned Ticket Revenue $31,500, Warranty Liability $25,500, Interest Payable $9,400, Mortgage Payable $125,500, Notes Payable $87,500, and Sales Taxes Payable $18,000. Assume the company's operating cycle is less than 1 year, ticket revenue will be recognized within 1 year, warranty costs are expected to be incurred within 1 year, and the notes mature in 3 years. (a) Prepare the current liabilities section of the balance sheet, assuming $33,500 of the mortgage is payable next year. WATERWAY ONLINE COMPANY Partial Balance Sheet S $

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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Required:1. Prepare the adjustment to correct the estimated warranty liability on December 31, 2022.