The balance sheet shows the following accounts and amounts:Inventory, $42,000; Long-term Debt 62,500; Common Stock $30,000; Accounts Payable $22,000; Cash $66,000; Buildings and Equipment $195,000; Short-term Debt $24,000; Accounts Receivable $54,500; Retained Earnings $102,000; Notes Payable (nine month) $27,000; Accumulated Depreciation $90,000.Total current liabilities on the balance sheet are:Multiple Choice$73,000.$135,500.$163,000.$49,000.
Question
The balance sheet shows the following accounts and amounts:Inventory, 30,000; Accounts Payable 66,000; Buildings and Equipment 24,000; Accounts Receivable 102,000; Notes Payable (nine month) 90,000.Total current liabilities on the balance sheet are:Multiple Choice135,500.49,000.
Solution
Current liabilities are obligations that a company must pay within a year. In this case, the current liabilities are Accounts Payable, Short-term Debt, and Notes Payable (nine month).
Here's how you calculate it:
- Accounts Payable: $22,000
- Short-term Debt: $24,000
- Notes Payable (nine month): $27,000
Add these amounts together:
24,000 (Short-term Debt) + 73,000
So, the total current liabilities on the balance sheet are 73,000.
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