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Kramer and Associates has the following account balances listed in alphabetical​ order: Accumulated​ Depreciation, $24,000; Accounts​...

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.

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Expert Solution

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

ekkarill92 answered 3 years ago
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