question archive Refer to the following list of liability balances at December 31, 2018
Refer to the following list of liability balances at December 31, 2018
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Refer to the following list of liability balances at December 31, 2018.
Accounts Payable..........................................$25.000
Employee Health Insurance Payable.................850
Employee Income Tax Payable..........................700
Estimated Warranty Payable (Due 2019).......1,600
Long - Term Notes Payable (Due 2022).......40,000
FICA—OASDI Taxes Payable..............................660
Sales Tax Payable................................................670
Mortgage Payable (Due 2023)......................14.000
Bonds Payable (Due 2024)...........................53,000
Current Portion of Long - Term Notes Payable...13,500
What is the total amount of current liabilities?
A. $42.980
B. $29.480
C. $27.180
D. $28.780
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Answer:
| Current Liabilities | ||||
| Accountss Payable | 25000 | |||
| Employees health insurance Payable | 850 | |||
| Employee Income tax payable | 700 | |||
| Estimated warranty Payable due in 2019 | 1600 | |||
| FICA-OASDI Taxes payable | 660 | |||
| Sales Tax Payable | 670 | |||
| Current portion of long term Notes Payable | 13500 | |||
| Total | 42980 | |||
| Correct Answer is alternative A | 42980 | |||
