eBook Current Liabilities Section Jackie Company had the following accounts and

Question

eBook Current Liabilities Section Jackie Company had the following accounts and balances on December 31, 2014: Income Taxes Payable Allowance for Doubtful Accounts 17,800 Accounts Receivable Notes Payable, 10%, due June 2, 2015 $ 1,000 67,500 150 6,900 3,010 $58,950 Accounts Payable Interest Receivable Unearned Revenue Wages Payable Required: 18,400 5,000 4,320 6,000 Discount on Notes Payable Current Maturities of Long-Term Debt Interest Payable Hide Prepare the Current Liabilities section of Jackie Company's balance sheet as of December 31, 2014. Jackie Company Balance Sheet December 31, 2014 Current liabilities: Accounts payable Allowance for doubtful accoun Less: Accounts payable Allowance for doubtful accoun Other accrued liabilities: | Allowance for doubtful accoun Cash Interest r Discount on notes payable

Explanation / Answer

Balance sheet Amount Amount Current liabilities- Account payable $18,400 Note payable $1,000 (-) discount on note payable (150) $850 Long term debt $6,900 Total $26,150 Other accrued liabilities- Wage payable $6,000 Interest payable $3,010 Income tax payable $58,950 Unearned revenue $4,320 $72,280 Total liabilities $98,430

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