Fast Track Magazine, Inc. includes the following selected accounts in its general ledger at December 31, 2014:

Question:

Prepare the liabilities section of Fast Track Magazine€™s balance sheet at December 31, 2014, to show how the company would report these items. Report a total for current liabilities.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...