Included in Waterway Company’s December 31, 2017, trial balance are the following accounts: Accounts Payable $221,600, Pension Liability $384,400, Discount on Bonds Payable $32,700, Unearned Rent Revenue $41,100, Bonds Payable $400,600, Salaries and Wages Payable $31,600, Interest Payable $12,040, and Income Taxes Payable $29,480. Prepare the current liabilities section of the balance sheet.

Total Current liabilities = $336,120

Explanation:

The preparation of the current liabilities section of the balance sheet is shown below:-

Current Liabilities

Accounts payable                           $221,600

Add: Unearned rent revenue        $41,400

Add: Salaries and wages payable $31,600

Add: Interest payable                      $12,040

Add: Income tax payable                $29,480

Total Current liabilities               $336,120

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