In: Accounting
Kramer and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $24,000; Accounts Payable, $9,500, Accounts Receivable, $11,000; Cash, $4,000; Equipment, $47,000, Land, $23,000, Mortgage Payable, $46,000; Prepaid Insurance, $7,500; Supplies, $1,000; Unearned Revenue, $5,000; Wages payable, $2,000. Kramer and Associates' current liabilities are: A. $11,500. B. $62,500. C. $16,500. D. $57,500.
C. $16,500. | |
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Statementshowing Computations | |
Paticulars | Amount |
Unearned Revenue | 5,000.00 |
Wages payable | 2,000.00 |
Accounts Payable | 9,500.00 |
current liabilities | 16,500.00 |
Note Mortgage Payable have maturity of more than 1 Year…Thus they are non current liabilities |