After posting the adjusting entries, Bing Corporation has the following account balances (partial listing) at December 31, 2017
Account General Ledger Balance
Accounts Payable $29,000
Notes Payable, 5-month, due February 1, 2018 58,000
Equipment 85,000
Accumulated Depreciation—Equipment 16,000
Notes Payable, 7-year, 7%, due February 1, 2024 120,000
Interest Expense 7,000
Interest Payable 3,000
Sales Tax Payable 24,000
Bonds Payable, due December 31, 2022 1,000,000
Bonds Payable, due December 31, 2018 1,000,000
Prepare the current liability section of Bing Corporation's balance sheet at December 31, 2017. The current portion of the note payable due February 1, 2024 is $15,000.
Current Liabilities:
Accounts Payable $29,000
Notes Payable, 5-month, due February 1, 2018 58,000
Sales Tax Payable 24,000
Current portion of long-term debt 15,000
Interest Payable 3,000
Bonds Payable, due December 31, 2018 1,000,000
Total Current Liabilities $1,129,000
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