A company provides the following information for the year 2018:DescriptionDescriptionMortgage payable(due 2021)$32,510 |Unearned revenueAmountAmountCash$9,950|$17,500Accounts payable$950Temporary investmentsInventory$16,750 |(to be sold within 3$6,150months)Accumulated depreciationEquipmentCommon sharesPrepaid rent$97,500$15,940$9,500$217,500$50,000 Retained earnings$1,350 Salaries payable$23,750| |Long-term notes payableAccounts receivables$47,500Compute the current liabilities for the company.a. $58,900b. $42,960c. $57,000d. $57,950

Current liabilities: Liabilities which have to be paid within one year or one operating cycle,…

A company provides the following information for the year 2018: Description Amount Description Amount Mortgage payable |(due 2021) $32,510| |Unearned revenue Temporary investments $16,750||(to be sold within 3 months) $217,500 |Accumulated depreciation $50,000 |Retained earnings $1,350 Salaries payable $23,750 |Long-term notes payable Cash $9,950 $17,500 Accounts payable $950 Inventory $6,150 Equipment $97,500 $15,940 $9,500| $47,500 Common shares |Prepaid rent Accounts receivables Compute the current liabilities for the company. a. $58,900 b. $42,960 c. $57,000 d. $57,950

A company provides the following information for the year 2018: Description Amount Description Amount Mortgage payable |(due 2021) $32,510| |Unearned revenue Temporary investments $16,750||(to be sold within 3 months) $217,500 |Accumulated depreciation $50,000 |Retained earnings $1,350 Salaries payable $23,750 |Long-term notes payable Cash $9,950 $17,500 Accounts payable $950 Inventory $6,150 Equipment $97,500 $15,940 $9,500| $47,500 Common shares |Prepaid rent Accounts receivables Compute the current liabilities for the company. a. $58,900 b. $42,960 c. $57,000 d. $57,950

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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