Question

In: Accounting

The balances of select accounts of​ Elliott, Inc. as of December​ 31, 2018 are given​ below:...

The balances of select accounts of​ Elliott, Inc. as of December​ 31, 2018 are given​ below: Notes Payablelong dash—shortminus−term $ 1 comma 300$1,300 Salaries Payable 5 comma 0005,000 Notes Payablelong dash—longminus−term 25 comma 00025,000 Accounts Payable 3 comma 0003,000 Unearned Revenue 3 comma 0003,000 Interest Payable 2 comma 3002,300 The Unearned Revenue is the amount of cash received for services to be rendered in​ January, 2019. The Interest Payable is due on February​ 15, 2019. What are the total current liabilities shown on the balance sheet at December​ 31, 2018? A. $ 5 comma 300$5,300 B. $ 14 comma 600$14,600 C. $ 13 comma 300$13,300 D. $ 12 comma 300$12,300

Solutions

Expert Solution

Answer: Option (C) $13,300

Current liabilities = Salaries payable + Accounts payable + Unearned revenue + Interest payable

= 5,000 + 3,000 + 3,000 + 2,300

Current liabilities = $13,300

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The balances of select accounts of​ Elliott, Inc. as of December​ 31, 2018 are given​ below:...
The balances of select accounts of​ Elliott, Inc. as of December​ 31, 2018 are given​ below: Notes Payablelong short−term $1,400 Salaries Payable 4,000 Notes Payablelong—long−term 22,000 Accounts Payable 3,000 Unearned Revenue 1,000 Interest Payable 2,300 The Unearned Revenue is the amount of cash received for services to be rendered in​ January, 2019. The Interest Payable is due on February​ 15, 2019. What are the total current liabilities shown on the balance sheet at December​ 31, 2018?
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below:...
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below: Accounts Receivable $ 850,000 Allowance for Doubtful Accounts (credit) 3,000 Total Sales 9,950,000 Sales Returns and Allowances (total) 240,000 (Credit sales were $8,500,000. Returns and allowances on these sales were $200,000.) Required: Compute the amount to be charged to Uncollectible Accounts Expense under each of the following different assumptions: Uncollectible accounts are estimated to be 0.1 percent of net credit sales. Experience has shown...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 32,000 Accounts receivable 70,000 Inventories 95,000 Interest payable 17,000 Marketable securities 58,000 Land 134,000 Buildings 335,000 Accumulated depreciation—buildings 107,000 Equipment 89,000 Accumulated depreciation—equipment 32,000 Copyright (net of amortization) 19,000 Prepaid expenses (next 12 months) 39,000 Accounts payable 72,000 Deferred revenues (next 12 months) 27,000 Notes payable 285,000 Allowance for uncollectible accounts 7,000 Common stock 270,000 Retained earnings 54,000...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 31,000 Accounts receivable 68,000 Inventories 93,000 Interest payable 16,000 Marketable securities 56,000 Land 132,000 Buildings 330,000 Accumulated depreciation—buildings 106,000 Equipment 87,000 Accumulated depreciation—equipment 31,000 Copyright (net of amortization) 18,000 Prepaid expenses (next 12 months) 38,000 Accounts payable 71,000 Deferred revenues (next 12 months) 26,000 Notes payable 280,000 Allowance for uncollectible accounts 6,000 Common stock 260,000 Retained earnings 57,000...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 35,000 Accounts receivable 76,000 Inventories 101,000 Interest payable 20,000 Marketable securities 64,000 Land 140,000 Buildings 350,000 Accumulated depreciation—buildings 110,000 Equipment 95,000 Accumulated depreciation—equipment 35,000 Copyright (net of amortization) 22,000 Prepaid expenses (next 12 months) 42,000 Accounts payable 75,000 Deferred revenues (next 12 months) 30,000 Notes payable 300,000 Allowance for uncollectible accounts 5,000 Common stock 300,000 Retained earnings 50,000...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 101,000 Accounts receivable 196,000 Inventories 303,000 Prepaid expenses 184,000 Machinery and equipment 356,000 Accumulated depreciation—equipment 128,000 Investments 176,000 Accounts payable 78,000 Interest payable 38,000 Deferred revenue 98,000 Taxes payable 48,000 Notes payable 290,000 Allowance for uncollectible accounts 34,000 Common stock 418,000 Retained earnings 184,000 Totals 1,316,000 1,316,000 Additional information: Prepaid expenses include $156,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 42,000 Accounts receivable 90,000 Inventories 115,000 Interest payable 27,000 Marketable securities 78,000 Land 154,000 Buildings 385,000 Accumulated depreciation—buildings 117,000 Equipment 109,000 Accumulated depreciation—equipment 42,000 Copyright (net of amortization) 29,000 Prepaid expenses (next 12 months) 49,000 Accounts payable 82,000 Deferred revenues (next 12 months) 37,000 Notes payable 335,000 Allowance for uncollectible accounts 7,000 Common stock 370,000 Retained earnings 34,000...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 77,000 Short-term investments 192,000 Accounts receivable 133,000 Long-term investments 40,000 Inventories 220,000 Loans to employees 45,000 Prepaid expenses (for 2019) 21,000 Land 285,000 Building 1,600,000 Machinery and equipment 642,000 Patent 157,000 Franchise 45,000 Note receivable 275,000 Interest receivable 17,000 Accumulated depreciation—building 625,000 Accumulated depreciation—equipment 215,000 Accounts payable 194,000 Dividends payable (payable on 1/16/19) 15,000 Interest payable 21,000 Taxes...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 71,000 Accounts receivable 166,000 Inventories 288,000 Prepaid expenses 154,000 Machinery and equipment 326,000 Accumulated depreciation—equipment 113,000 Investments 146,000 Accounts payable 63,000 Interest payable 23,000 Deferred revenue 83,000 Taxes payable 33,000 Notes payable 215,000 Allowance for uncollectible accounts 19,000 Common stock 403,000 Retained earnings 199,000 Totals 1,151,000 1,151,000 Additional information: Prepaid expenses include $126,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 73,000 Accounts receivable 168,000 Inventories 289,000 Prepaid expenses 156,000 Machinery and equipment 328,000 Accumulated depreciation—equipment 114,000 Investments 148,000 Accounts payable 64,000 Interest payable 24,000 Deferred revenue 84,000 Taxes payable 34,000 Notes payable 220,000 Allowance for uncollectible accounts 20,000 Common stock 404,000 Retained earnings 198,000 Totals 1,162,000 1,162,000 Additional information: Prepaid expenses include $128,000 paid on December 31, 2018,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT