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Question: Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable.


On January 1, 2022, the ledger of Sunland Company contained these liability accounts. Accounts Payable Sales Taxes Payable UnSUNLAND COMPANY Balance Sheet (Partial) January 31, 2022 Current Liabilities Accounts Payable 43,300 Sales Taxes Payable 1,70 were incorrect. Any help with it, please?

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Answer #1

FICA Taxes Payable will be 6,273 + 6,273 = 12,546

Total Current Liabilities = 159,352

FICA Taxes will be Payable against Payroll Expenses and Salaries and Wages Expense. The Contribution will be from both Employee and employer

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