Following is a list of account balances at the end of the year: Estimated Warranty Payable $1,000 Notes Payable (due in 3 annual installments) 6,000 Retained Earnings Interest Payable Accounts Payable Payroll Tax Expense Unearned commissions 15,000 200 11,500 2,500 4,500 The correct amount of current liabilities that would be reported on the balance sheet is: A. $14,700. B. $21,700. C. $19,200. D. $18,700.
Following is a list of account balances at the end of the year: Estimated Warranty Payable $1,000 Notes Payable (due in 3 annual installments) 6,000 Retained Earnings Interest Payable Accounts Payable Payroll Tax Expense Unearned commissions 15,000 200 11,500 2,500 4,500 The correct amount of current liabilities that would be reported on the balance sheet is: A. $14,700. B. $21,700. C. $19,200. D. $18,700.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
Related questions
Question
Get correct answer accounting questions
Transcribed Image Text:Following is a list of account balances at the end of the year:
Estimated Warranty Payable
$1,000
Notes Payable (due in 3 annual installments) 6,000
Retained Earnings
Interest Payable
Accounts Payable
Payroll Tax Expense
Unearned commissions
15,000
200
11,500
2,500
4,500
The correct amount of current liabilities that would be reported
on the balance sheet is:
A. $14,700.
B. $21,700.
C. $19,200.
D. $18,700.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College