Sonoma Company Has the Following Selected Accounts After Posting Adjusting

Essay

Sonoma Company has the following selected accounts after posting adjusting entries: $\begin{array}{lr}\text { Accounts Payable } & \$ 6,000 \\\text { Notes Payable, 3-month } & 40,000 \\\text { Accumulated Depreciation-Equipment } & 14,000 \\\text { Notes Payable, 5-year, 6\% } & 80,000 \\\text { Payroll Tax Expense } & 4,000 \\\text { Interest Payable } & 3,000 \\\text { Mortgage Payable } & 120,000 \\\text { Sales Taxes Payable } & 38,000\end{array}$ Instructions
Prepare the current liability section of Sonoma Company's balance sheet assuming $16000 of the mortgage is payable next year.