QS 9-16 (Algo) Preparing liabilities section of balance sheet LO C1, P2, P3 Selected accounts from Russel Company's adjusted trial balance for the year ended December 31 follow. Prepare the liabilities section of its classified balance sheet. FICA-Social Security taxes payable State unemployment taxes payable Current portion of long-term debt Employee federal income taxes payable Federal unemployment taxes payable $ 1,850 Sales tax payable (due in 1 week) 1,050 Salaries payable 2,250 Notes payable (due in 4 years) 6,000 FICA-Medicare taxes payable 200 Accounts payable $ 200 24,500 7,000 400 3,100 Current liabilities RUSSEL COMPANY Liabilities Section of Balance Sheet December 31 Accounts payable Liabilities Salaries payable FICA-Social Security taxes payable State unemployment taxes payable Current portion of long-term debt Employee federal income taxes payable Federal unemployment taxes payable Sales tax payable FICA Medicare taxes payable Total current liabilities Long-term liabilities Notes payable Total liabilities $ 3,100 24,500 27,600 7,000 $ 34,600