Question

Included in Waterway Company’s December 31, 2017, trial balance are the following accounts: Accounts Payable $221,600, Pension Liability $384,400, Discount on Bonds Payable $32,700, Unearned Rent Revenue $41,100, Bonds Payable $400,600, Salaries and Wages Payable $31,600, Interest Payable $12,040, and Income Taxes Payable $29,480. Prepare the current liabilities section of the balance sheet.

Answer 1

Total Current liabilities = $336,120

Step-by-step explanation:

The preparation of the current liabilities section of the balance sheet is shown below:-

Current Liabilities

Accounts payable $221,600

Add: Unearned rent revenue $41,400

Add: Salaries and wages payable $31,600

Add: Interest payable $12,040

Add: Income tax payable $29,480

Total Current liabilities $336,120