The following selected transactions were taken from the books of Aliceville Company for 2014:

1.

On March 1, 2014, borrowed $60,000 cash from the local bank. The note had a 6 percent interest rate and was due on September 1, 2014.

2. Cash sales for the year amounted to $240,000 plus sales tax at the rate of 7 percent. 3.

Aliceville provides a 90-day warranty on the merchandise sold. The warranty expense is estimated to be 2 percent of sales.

4. Paid the sales tax to the state sales tax agency on $200,000 of the sales. 5. Paid the note due on September 1 and the related interest. 6.

On October 1, 2014, borrowed $50,000 cash from the local bank. The note had a 7 percent interest rate and a one-year term to maturity.

7. Paid $3,800 in warranty repairs. 8.

A customer has filed a lawsuit against Aliceville for $150,000 for breach of contract. The company attorney does not believe the suit has merit.

b.

Aliceville Company
Balance Sheet (Partial)
As of December 31, 2014
Current Liabilities
Interest Payable	$875
Notes Payable	$
Sales Tax Payable	$
Warrenty Payable	$1000
Total Current Liabilities	$

Prepare the current liabilities section of the balance sheet at December 31, 2014. (Do not round intermediate calculations.)