Examine the following items and prepare the current liabilities section of the Balance sheet for Annapolis Corporation as of December 31, 2015
| Examine the following items and prepare the current liabilities section of the Balance sheet for Annapolis Corporation as of December 31, 2015 | |
| The beginning of year accounts payable was $82,000. Purchases on trade accounts during the year were $452,000, and payments on account were $415,000. | |
| The company incurs substantial costs in its manufacturing plant. As of December 31, 2015, it is estimated that $38,000 of electricity has been used. The monthly billing for December has not yet been received. | |
| Annapolis Corporation has accepted deposits from customers in advance for product that will not ship until 2016 in the amount of $174,500. | |
| Annapolis Corporation has collected sales tax totaling $6,800 from customers during the month of December, 2015. This tax must be remitted to the state by January 10, 2016. | |
| Annapolis Corporation has $2,000,000 outstanding on a bank loan. The interest rate is 7.5% per annum and the interest is paid monthly on the first day of each month for the prior month. | |
| The loan listed above has principle repayment obligations equally spread over eight years beginning in 2016. | |
| Annapolis Corporation | |
| Partial Balance Sheet as of December 31, 2015 | |
| Current Liabilities | |
| Total Current Liabilities | $ – |
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