Instructions: Prepare the current liability section of Sonoma Company's balance sheet, assuming $16,000 of motgage is payable next year.

Sonoma Company has the following selected accounts after posting adjusting entries: Accounts Payable $ 62,000

Notes Payable, 3-month40,000

Accumulated DepreciationEquipment 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