Faulkner Company Has the Following Selected Accounts After Posting Adjusting

question 40

Essay

Faulkner Company has the following selected accounts after posting adjusting entries: $\begin{array}{lr}\text { Accounts Payable } & \$ 45,000 \\\text { Notes Payable, 3-month } & 70,000 \\\text { Accumulated Depreciation-Equipment } & 14,000 \\\text { FlCA Taxes Payable } & 27,000 \\\text { Notes Payable, 5-year, } 8 \% & 30,000 \\\text { Warranty Liability } & 29,000 \\\text { Payroll Tax Expense } & 6,000 \\\text { Interest Payable } & 3,000 \\\text { Mortgage Payable } & 200,000 \\\text { Sales Taxes Payable } & 16,000\end{array}$ Instructions
(a) Prepare the current liability section of Faulkner Company's balance sheet assuming $25000 of the mortgage is payable next year. (List liabilities in magnitude order with largest first.)
(b) Comment on Faulkner 's liquidity assuming total current assets are $450000.

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Definitions:

Subcircuits

Components of a larger circuit that perform a specific function within the overall circuitry, often found in electronics or neurological systems.

Positive Symptoms

Symptoms that involve the addition of behaviors or experiences, such as hallucinations or delusions, typically associated with schizophrenia.

Viral Exposure

Contact with or introduction to a virus, which may lead to infection and illness.

Prenatal

Pertaining to the period or development before birth, encompassing the gestation period from conception to birth.