Question

From the following list, calculate total current liabilities (amounts in millions):

                       

Accumulated depreciation                 $ 28

Sales tax payable                   7

Accrued warranties payable          2

Bonds payable                    35

Current portion of long-term debt       10

Long-term debt                                    100

Accounts receivable                             15

Accounts payable                                 13

Interest payable                                      3

Interest expense                                    14

Unearned revenue                                   6

Accrued liabilities payable             5   

a. $123

b. $238

c. $95

d. $46

Answer 1

• Current Liabilities are the liabilities that are to be paid off or settled in the coming short period of time, like within a year, or within a accounting cycle.
• Amounts are in $ millions

Sales Tax payable	$                      7.00
Accrued Warranties payable	$                      2.00
Current Portion of long term debt	$                   10.00
Accounts Payable	$                   13.00
Interest Payable	$                     3.00
Unearned revenue	$                      6.00
Accrued Liabilities Payable	$                      5.00
Total Current Liabilities	$                   46.00 = Answer

• Correct Answer = Option ‘D’ $ 46 millions