Prepare the current liability section of Strong Company's balance sheet assuming 15,000 of the mortgage is payable next year and comment on Strong's liquidity. The corporate charter of Sunner Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Sunner issued 1,560,000 shares at $15 per share. It later acquired 60,000 of these shares as treasury stock for $25 per share.
Accounts Payable 69,000 Notes Payable 3- month 90,000 Accumulated Deprecation - Equipment 14,000 Notes Payable, 5- year, 8% 75,000 Payroll Tax Expense