Howell Company Has the Following Selected Accounts After Posting Adjusting

question 36

Essay

Howell Company has the following selected accounts after posting adjusting entries: $\begin{array}{lr}\text { Accounts Payable } & 55,000 \\\text { Notes Payable, 3-month } & 70,000 \\\text { Accumulated Depreciation-Equipment } & 14,000 \\\text { FICA Taxes Payable } & 27,000 \\\text { Notes Payable, 5-year, 8\% } & 30,000 \\\text { Warranty Liability } & 34,000 \\\text { Payroll Tax Expense } & 6,000 \\\text { Interest Payable } & 3,000 \\\text { Mortgage Payable } & 200,000 \\\text { Sales Taxes Payable } & 16,000\end{array}$ Instructions
Prepare the current liability section of Howell Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.)

---

Definitions:

Market Shares

The portion of a market controlled by a particular company, expressed as a percentage of total sales within that market.

Herfindahl Index

A metric reflecting the relative sizes of companies within a market sector, shedding light on the intensity of competition.

Antitrust Violations

Illegal practices that reduce or restrict competition in the marketplace, often investigated and penalized by governmental organizations.

Market Share

The portion of a market controlled by a particular company, often expressed as a percentage of total sales in that market.