Sonoma Company has the following selected accounts after posting adjusting entries: $\begin{array}{lr}
\text { Accounts Payable } & \$ 6,000 \
\text { Notes Payable, 3-month } & 40,000 \
\text { Accumulated Depreciation-Equipment } & 14,000 \
\text { Notes Payable, 5-year, 6\% } & 80,000 \
\text { Payroll Tax Expense } & 4,000 \
\text { Interest Payable } & 3,000 \
\text { Mortgage Payable } & 120,000 \
\text { Sales Taxes Payable } & 38,000
\end{array}$ Instructions
Prepare the current liability section of Sonoma Company's balance sheet assuming $16000 of the mortgage is payable next year.

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The Answer of Sonoma Company has the following selected accounts after posting adjusting entries: $\begin{array}{lr}
\text { Accounts Payable } & \$ 6,000 \
\text { Notes Payable, 3-month } & 40,000 \
\text { Accumulated Depreciation-Equipment } & 14,000 \
\text { Notes Payable, 5-year, 6\% } & 80,000 \
\text { Payroll Tax Expense } & 4,000 \
\text { Interest Payable } & 3,000 \
\text { Mortgage Payable } & 120,000 \
\text { Sales Taxes Payable } & 38,000
\end{array}$ Instructions
Prepare the current liability section of Sonoma Company's balance sheet assuming $16000 of the mortgage is payable next year.

Sonoma Company Has the Following Selected Accounts After Posting Adjusting