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Using the below information, can you please prepare a section of the companys balance sheet, highlighting the current liabilities only?

CBS Corporation Current Liabilities and Stockholders$$ Equity $$

Current Liabilities:$$

$1.$ Accounts Payable$$

$$ Nature: Amounts owed to suppliers for goods and services purchased on credit.$$

$$ Beginning Balance: $$35,000$

$$ Transactions during the Year:$$

January $5$: Paid $$35,000$ to Supplier C for outstanding invoices for the prior period.$$

June $15$: Purchased $$30,000$ of inventory on credit from Supplier A$.$

July $15$: Paid $$30,000$ to Supplier A$.$

October $29$: Purchased $$10,000$ of inventory on credit from Supplier B$.$

November $15$: Purchased $$40,000$ of inventory on credit from Supplier C$.$

November $28$: Paid $$10,000$ to Supplier B$.$

December $3$: Purchased $$20,000$ of office supplies on credit from Supplier C$.$

$$ Ending Balance: $$60,000$

$2.$ Short$-$Term Loans Payable$$

$$ Nature: Short$-$term borrowings from financial institutions.$$

$$ Transactions during the Year:$$

$$ April $1$: Obtained a $$50,000,6\%$ interest, $1-$year loan from Bank X to support seasonal business $$

needs.$$

$$ As of year$-$end no installment payments have been made and interest will need to be accrued. $$

$$ The company had an opening balance in Loans Payable of $$0$

$3.$ Accrued Operational Expenses: $$

$$ Nature: Expenses that have been incurred but not yet paid.$$

$$ Transactions during the Year:$$

o December $31$: Accrued $$15,000$ for employee salaries and $$5,000$ for utility expenses for $$

the year$-$end period.$$

$4.$ Unearned Revenue$$

$$ Nature: Revenue received in advance, services or products not yet delivered.$$

$$ Transactions during the Year:$$

o September $20$: Received $$30,000$ in advance for a maintenance service contract starting October of this year. $$

As of December $31$ year$-$end they have not yet earned any of this revenue. $$

Stockholders' Equity:$$

$1.$ Common Stock$$

$$ Background:$$

o Common stock represents the ownership interest in the company held by its $$

shareholders.$$

$$ Transactions during the Year:$$

o Opening Balance: Common stock had an opening balance of $$25,000$ and Paid$-$in $$

Capital had an opening balance of $$125,000$ from the previous fiscal year$$

o Common Stock Issuance: On January $1,$ the company issued $5,000$ additional $$

shares of common stock at $$10$ per share with a par value of $$1$ per share.$$

o Paid$-$in Capital: The amount paid by shareholders for the common stock issued $$

is reflected in the Paid$-$in Capital account.$$

o Ending Balance: The ending balance of common stock is $$30,000$ and Paid in $$

Capital is $$170,000,$ representing the total value of common stock issued and $$

outstanding at the end of the fiscal year.$$

$$ Shares Outstanding: The number of shares outstanding at the end of the fiscal year is $$

$25,000(20,000$ shares from the previous year $+5,000$ additional shares issued during $$

the current year$).$

$2.$ Retained Earnings$$

$$ Opening Balance: Retained earnings had an opening balance of $$120,000$ from the previous $$

fiscal year.$$

$$ Net Income for the Year: The company generated a net income of $$80,000$ during the fiscal $$

year.$$

$$ Cash Dividends Paid: The company paid cash dividends of $$40,000$ to shareholders$$

$$

CBS Corporation Chart of Accounts and Balance Information$$

Chart of Accounts$$

$$ Assets:$$

o $101$ Cash$$

o $102$ Accounts Receivable$$

o $103$ Inventory$$

o $104$ Fixed Assets$$

o $105$ Accumulated Depreciation$$

$$ Liabilities:$$

o $201$ Accounts Payable$$

o $202$ Short$-$Term Loans Payable$$

o $203$ Accrued Operational Expenses$$

o $204$ Unearned Revenue$$

$$ Equity:$$

o $301$ Common Stock$$

o $302$ Paid$-$in Capital$$

o $303$ Retained Earnings$$

Beginning Balances:$$

$$ Cash $$15,000$

$$ Accounts Receivable: $$20,000$

$$ Inventory $$20,000$

$$ Fixed Assets: $$300,000$

$$ Accumulated Depreciation: $$50,000$

$$ Accounts Payable $$35,000$

$$ Common Stock: $$25,000$

$$ Paid in Capital: $$125,000$

$$ Retained Earnings; $$120,000$

Assets only $($Ending Balances$)$:$$

$$ Cash $$30,000$

$$ Accounts Receivable: $$190,000$

$$ Inventory: $$100,000$

$$ Property, Plant, and Equipment: $$300,000$

Accumulated Depreciation: $$100,000$

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