Strong Company has the following selected accounts after posting adjusting entries Accounts Payable $ 69,000
Notes Payable, 3-month 90,000
Accumulated Depreciation-Equipment 14,000
Notes Payable, 5-year, 8% 75,000
Payroll Tax Expense 6,000
Interest Payable 5,000
Mortgage Payable 180,000
Sales Tax Payable 23,000
Instructions
(a) Prepare the current liability section of Strong Company's balance sheet, assuming $15,000 of the mortgage is payable next year.
(b) Comment on Strong's liquidity, assuming total current assets are $450,000.