Homework Help is Here – Start Your Trial Now!
Business
Accounting
Accounts Dr Cr Notes payable (due in 2 months)         50,000 Accounts payable   197,532 Interest payable   62,520 Unearned service revenue   10,420 Bond payable   500,000 Shared Capital                                                                               737,500 Retained        earnings                                                                            162,582 Service revenues   100,000 Salaries Expenses 50,000   Depreciation Expenses 10,000   Utility Expenses 30,000   Dividends 10,000     If this information was used to prepare a statement of financial position, Total Current Liabilities should be:   Select one: a. 247,532 b. None of the answers are correct c. 310,052 d. 320,000 e. 320,472

Accounts Dr Cr Notes payable (due in 2 months)         50,000 Accounts payable   197,532 Interest payable   62,520 Unearned service revenue   10,420 Bond payable   500,000 Shared Capital                                                                               737,500 Retained        earnings                                                                            162,582 Service revenues   100,000 Salaries Expenses 50,000   Depreciation Expenses 10,000   Utility Expenses 30,000   Dividends 10,000     If this information was used to prepare a statement of financial position, Total Current Liabilities should be:   Select one: a. 247,532 b. None of the answers are correct c. 310,052 d. 320,000 e. 320,472

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Accounts

Dr

Cr

Notes payable (due in 2 months)      

 

50,000

Accounts payable

 

197,532

Interest payable

 

62,520

Unearned service revenue

 

10,420

Bond payable

 

500,000

Shared Capital                                                                            

 

737,500

Retained        earnings                                                                         

 

162,582

Service revenues

 

100,000

Salaries Expenses

50,000

 

Depreciation Expenses

10,000

 

Utility Expenses

30,000

 

Dividends

10,000

 

 

If this information was used to prepare a statement of financial position, Total Current Liabilities should be:

 

Select one:
a. 247,532
b. None of the answers are correct
c. 310,052
d. 320,000
e. 320,472
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS