Question - Sonoma Company has the following selected accounts after posting adjusting entries:
Accounts Payable $ 62,000
Notes Payable, 3-month 40,000
Accumulated Depreciation-Equipment 14,000
Notes Payable, 5-year, 6% 80,000
Payroll Tax Expense 4,000
Interest Payable 3,000
Mortgage Payable 120,000
Sales Taxes Payable 38,000
Instructions - Prepare the current liability section of Sonoma Company's balance sheet, assuming $16,000 of the mortgage is payable next year.