National Supplies Corporation has the following selected accounts at December 31, 2018 after posting adjusting entries: Instructions
a. Prepare the current liability section of National Supplies' statement of financial position, assuming $24,000 of the mortgage is payable next year.
b. Comment on National Supplies' liquidity, assuming total current assets are $225,000.

Question

National Supplies Corporation has the following selected accounts at December 31, 2018 after posting adjusting entries:  Instructions 
a. Prepare the current liability section of National Supplies' statement of financial position, assuming $24,000 of the mortgage is payable next year.
b. Comment on National Supplies' liquidity, assuming total current assets are $225,000.

Quizplus · Accepted Answer

The Answer of National Supplies Corporation has the following selected accounts at December 31, 2018 after posting adjusting entries:  Instructions 
a. Prepare the current liability section of National Supplies' statement of financial position, assuming $24,000 of the mortgage is payable next year.
b. Comment on National Supplies' liquidity, assuming total current assets are $225,000.

National Supplies Corporation Has the Following Selected Accounts at December