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Mountain Gear Corporation has the following selected accounts after posting adjusting entries: Accounts Payable $79,000 Notes Payable, 3-month 90,000 Accumulated Amortization-Equipment 14,000 Notes Payable, 5-year,
Mountain Gear Corporation has the following selected accounts after posting adjusting entries:
Accounts Payable | $79,000 |
Notes Payable, 3-month | 90,000 |
Accumulated Amortization-Equipment | 14,000 |
Notes Payable, 5-year, 4% | 30,000 |
Employee Benefits Expense | 6,000 |
Interest Payable | 1,500 |
Mortgage Payable | 250,000 |
Provincial Sales Tax Payable | 39,500 |
Required: Prepare the current liability section of Mountain Gear Corporation's statement of financial position, assuming $15,000 of the 5-year note is payable next year.
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