Prepare the current liabilities section of Medlens December

Prepare the current liabilities section of Medlen’s December 31, 2017, balance sheet.

Medlen Company, has the following account balances at December 31, 2017.

In addition, Medlen is involved in a lawsuit. Legal counsel feels it is probable Medlen will pay damages of $25,000 in 2018.

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Answer

December 31, 20Liabilities and Stockholders\' Equity

Liabilities and Stockholders\' Equity	$
Current Liabilities
Accounts Payable	63,000
Salaries and Wages Payable	32,000
Unearned Service Revenue	70,000
Notes Payable ( Current)	40,000
Other long term debt ( Current)	90,000
Litigation Liability	25,000
Total Current Liabilities		320,000