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Sunny Parks Company has the following liabilities after making the adjustment to its account entry records: Accounts Payable $77,000; Unrealized ticket sales US$36,000; Liability guarantee US$25,000; Interest payable US$10,000; Real Estate Loan (Mortgage) payable US$150,000; Notes payable US$100,000, and taxes payable US$14,000.
Assume the company’s operating cycle is less than one year, ticket sales will be recognized within the operating year, warranty costs will also be recognized within the operating year, and notes payable have a maturity of 3 years.
Prepare the current liabilities section of the balance sheet assuming that $40,000 of the mortgage loan payable will be paid off next year.
If you were the manager of Sunny Parks Company, how would you comment on your company’s liquidity, assuming total current assets are $350,000?

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