CashAccounts ReceivableSuppliesInventoryLandBuildingTrademarkTotal AssetsThe dollar amount of current liabilities is$30,100$191,500$166,000$41,000$5,800 Accounts Payable$20,600 Salaries Payable$1,100 Mortgage Payable$164,000 Total Liabilities$104,000 Common Shares$84,700 Retained Earnings$29,800 Total Shareholders' Equity$410,000 Total Liabilities and Shareholders' Equity$30,100$10,900$125,000$166,000$150,000$94,000$244,000$410,000

Answered: sets amount of current liabilities is…

Business

Accounting

sets amount of current liabilities is 00 500 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cash
Accounts Receivable
Supplies
Inventory
Land
Building
Trademark
Total Assets
The dollar amount of current liabilities is
$30,100
$191,500
$166,000
$41,000
$5,800 Accounts Payable
$20,600 Salaries Payable
$1,100 Mortgage Payable
$164,000 Total Liabilities
$104,000 Common Shares
$84,700 Retained Earnings
$29,800 Total Shareholders' Equity
$410,000 Total Liabilities and Shareholders' Equity
$30,100
$10,900
$125,000
$166,000
$150,000
$94,000
$244,000
$410,000

Expert Solution

Step 1

Current liabilities refer to those liabilities or obligations of an organization, that the organization is expected to pay back within the current financial year or operating cycle. Accounts payable, income tax payable, bank overdrafts, short-term debt, and so on are a few examples of current liabilities. The amount of current liabilities is an important determinant for the calculation of various financial ratios such as current ratio, and quick ratio.

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