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Refer to the following liability balances of December 31, 2023, for Elmont Industries: Liability Accounts payable Amount $22,000 Employee bonuses payable $1.100 Employee income tax payable $1,500 Estimated warranty payable $2.500 Long-term notes payable (Due 2025) $40,000 FICA-OASDI taxes payable $1,700 Sales tax payable $900 Mortgage payable (Due 2026) $18,000 Bonds payable (Due 2028) $60,000 Current portion of long-term notes payable $12,000 What is the total amount of current liabilities?

Refer to the following liability balances of December 31, 2023, for Elmont Industries: Liability Accounts payable Amount $22,000 Employee bonuses payable $1.100 Employee income tax payable $1,500 Estimated warranty payable $2.500 Long-term notes payable (Due 2025) $40,000 FICA-OASDI taxes payable $1,700 Sales tax payable $900 Mortgage payable (Due 2026) $18,000 Bonds payable (Due 2028) $60,000 Current portion of long-term notes payable $12,000 What is the total amount of current liabilities?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...
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What is the total amount of current liabilities ?

Refer to the following liability balances of December 31, 2023, for Elmont Industries: Liability Accounts payable Amount $22,000 Employee bonuses payable $1.100 Employee income tax payable $1,500 Estimated warranty payable $2.500 Long-term notes payable (Due 2025) $40,000 FICA-OASDI taxes payable $1,700 Sales tax payable $900 Mortgage payable (Due 2026) $18,000 Bonds payable (Due 2028) $60,000 Current portion of long-term notes payable $12,000 What is the total amount of current liabilities?
Transcribed Image Text:Refer to the following liability balances of December 31, 2023, for Elmont Industries: Liability Accounts payable Amount $22,000 Employee bonuses payable $1.100 Employee income tax payable $1,500 Estimated warranty payable $2.500 Long-term notes payable (Due 2025) $40,000 FICA-OASDI taxes payable $1,700 Sales tax payable $900 Mortgage payable (Due 2026) $18,000 Bonds payable (Due 2028) $60,000 Current portion of long-term notes payable $12,000 What is the total amount of current liabilities?
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