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At December 31, 2021, Newman Corporation's adjusted trial balance shows the following balances: (Click the icon to view the balances.) i (Click the icon
At December 31, 2021, Newman Corporation's adjusted trial balance shows the following balances: (Click the icon to view the balances.) i (Click the icon to view more information.) Requirement 1. Prepare the current liability section of Newman Corporation's balance sheet at December 31, 2021. (If applicable, combine the Notes Payable on one line of the statement.) Newman Corporation Balance Sheet (partial) December 31, 2021 Data table Account Amount More info Accrued Warranty Payable $56,000 10% Notes Payable, due April 30, 2022 140,000 Unearned Service Revenue 53,000 Accounts Payable 215,000 Employee Income Tax Payable 24,000 Accounts Receivable 284,000 Interest Payable 26,000 12% Bonds Payable, due December 31, 2026 430,000 Accumulated Depreciation 81,000 Treasury Stock 176,000 Salaries Payable 102,000 15% Notes Payable, due December 31, 2022 190,000 Sales Tax Payable 65,000 FICA Tax Payable 14,000 Newman Corporation provides multi-year warranties with its products. Half of the Accrued Warranty Liability relates to warranty liabilities that will be paid in 2022, while the other half relates to warranty liabilities to be paid in 2023. The Unearned Service Revenue pertains to a service contract that will be performed during 2022. $110,000 of the 12% bonds payable due December 31, 2026, is due on December 31, 2022. Print Done Print Done
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