(Learning Objectives 4, 5: Report liabilities, including capital lease obligations) Royall, Inc.,…

(Learning Objectives 4, 5: Report liabilities, including capital lease obligations) Royall, Inc., includes the following selected accounts in its general ledger at December 31, 2014:

Prepare the liabilities section of Royall, Inc.’s balance sheet at December 31, 2014, to show how the company would report these items. Report total current liabilities and total liabilities.