Question Details

Kingery Sales Company has the following selected accounts after posting 



BE 1
Kingery Sales Company has the following selected accounts after posting adjusting entries:
Accounts Payable	₤  42,000
Notes Payable, 3-month	50,000
Accumulated Depreciation—Equipment	14,000
Notes Payable, 5-year, 6%	80,000
Salary Expense	4,000
Interest Payable	3,000
Mortgage Payable	120,000
Sales Tax Payable	38,000

Instructions
Prepare the current liability section of Kingery Sales Company's statement of financial position, assuming ₤20,000 of the mortgage is payable next year.


BE 2
Identify which of the following would be classified as current liabilities as of December 31, 2010:
1.	Wages Payable
2.	Bonds Payable, maturing in 2015
3. 	Interest Payable, due July 1, 2011
4.	Taxes Payable
5.	Notes Payable, due January 30, 2012




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help