Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000.AccountBalanceAccountBalanceAccounts payable$17 Income taxes payable$ 14Accounts receivable45Insurance and interest expense15Accumulated depreciation20Maintenance and fuel expense125Airplanes142Note payable (due in 5 years)43Buildings and equipment88Passenger and freight service revenue370Advertising and supplies expense53Prepaid insurance4Cash32Retained earnings, 1/1/217Common stock135Salary expense71Depreciation expense11Salaries payable8Dividends5Supplies18Income tax expense25Unearned revenue20 Calculate Current Liabilities as of 12/31/20.

Current liabilities are short term obligations which will be due within 12 months or normal…

Answered: Shown below in alphabetical order are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000.

Account	Balance	Account	Balance
Accounts payable	$17	Income taxes payable	$ 14
Accounts receivable	45	Insurance and interest expense	15
Accumulated depreciation	20	Maintenance and fuel expense	125
Airplanes	142	Note payable (due in 5 years)	43
Buildings and equipment	88	Passenger and freight service revenue	370
Advertising and supplies expense	53	Prepaid insurance	4
Cash	32	Retained earnings, 1/1/21	7
Common stock	135	Salary expense	71
Depreciation expense	11	Salaries payable	8
Dividends	5	Supplies	18
Income tax expense	25	Unearned revenue	20