Business Finance Homework Help

California Christian College Debt Financing Worksheet

 

Houston Steel Corp. shows the following selected adjusted account balances at March 31, 2021:
Wages Payable $102, 000
Accounts Payable (AP) $58,000
Income Taxes Payable $92,000
Accumulated Depreciation (Equipment) $69,000
Note Payable , due July 15, 2023 $108,000
Mortgage Payable $320,000
Notes Payable, due August 30, 2021 $64,000
Accounts Receivable $71,000
Additional : $240,000 of the mortgage payable balance is due one year beyond the balance sheet date;
the remainder will be paid within the next 12 months
Required: Prepare the liability section of Houston Steel Corp March 31, 2021 balance sheet.