A company had the following accounts and balances on December 31, 2020: Accounts Receivable $ 6,000 Discount on short-term notes payable $ 620 Accounts Payable Salaries Payable Short -term note payable Unearned Revenue 4,000 Allowance for Doubtful Accounts 400 2,000 Current Maturity of Long-term debt Interest Receivable Inventory Prepaid Expenses Accumulated Depreciation 1,500 8,000 200 1,300 9,000 1,500 Bond Payable, due Jan. 2026 10,000 Estimated Liability Long-term note payable 1,400 800 6,000 How much should the company report as current liabilities on December 31, 2020? A. $15,580 B. $17,580 C. $18,820 D. $16,960 E. $16,180
A company had the following accounts and balances on December 31, 2020: Accounts Receivable $ 6,000 Discount on short-term notes payable $ 620 Accounts Payable Salaries Payable Short -term note payable Unearned Revenue 4,000 Allowance for Doubtful Accounts 400 2,000 Current Maturity of Long-term debt Interest Receivable Inventory Prepaid Expenses Accumulated Depreciation 1,500 8,000 200 1,300 9,000 1,500 Bond Payable, due Jan. 2026 10,000 Estimated Liability Long-term note payable 1,400 800 6,000 How much should the company report as current liabilities on December 31, 2020? A. $15,580 B. $17,580 C. $18,820 D. $16,960 E. $16,180
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1.
A company had the following accounts and balances on December 31, 2020:
$ 6,000
4,000
1,500
8,000
Discount on short-term notes payable $ 620
Allowance for Doubtful Accounts
Accounts Receivable
Accounts Payable
Salaries Payable
Short -term note payable
400
Current Maturity of Long-term debt
Interest Receivable
2,000
200
Unearned Revenue
1,300
Bond Payable, due Jan. 2026
Estimated Liability
Long-term note payable
Inventory
Prepaid Expenses
Accumulated Depreciation
9,000
1,500
10,000
1,400
6,000
800
How much should the company report as current liabilities on December 31, 2020?
A. $15,580
B. $17,580
C. $18,820
D. $16,960
E. $16,180
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