Question
On January 1, 2022, the ledger of Sheridan Company contained these liability accounts. Accounts Payable $43,200 Sales Taxes Payable 7,300 Unearned Service Revenue 19,700 During
On January 1, 2022, the ledger of Sheridan Company contained these liability accounts.
Accounts Payable | $43,200 | |
Sales Taxes Payable | 7,300 | |
Unearned Service Revenue | 19,700 |
During January, the following selected transactions occurred.
Jan. 1 | Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. | |
5 | Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. | |
12 | Performed services for customers who had made advance payments of $10,300. (Credit Service Revenue.) | |
14 | Paid state treasurers department for sales taxes collected in December 2021, $7,300. | |
20 | Sold 570 units of a new product on credit at $52 per unit, plus 5% sales tax. |
During January, the companys employees earned wages of $80,000. Withholdings related to these wages were $6,120 for Social Security (FICA), $5,629 for federal income tax, and $1,689 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.
Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable.
SHERIDAN COMPANY Balance Sheet (Partial) choose the accounting period For the Year Ended January 31, 2022January 31, 2022For the Month Ended January 31, 2022 | ||||||
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select an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | ||||||
enter a balance sheet item | $enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
enter a balance sheet item | enter a dollar amount | |||||
select a closing subsection name Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity | $enter a total amount for this subsection |
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