The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2020: Accounts payable ¥ 72,000 Accounts receivable 44,000 Advertising expense 80,000 Salaries and Wages Payable 12,000 Cash 60,000 Calculate the amount of total current liabilities: а. О b. 72,000 c. 84,000 d. 12,000

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2020: Accounts payable ¥ 72,000 Accounts receivable 44,000 Advertising expense 80,000 Salaries and Wages Payable 12,000 Cash 60,000 Calculate the amount of total current liabilities: а. О b. 72,000 c. 84,000 d. 12,000

Name: The following items (in thousands) are takenfrom the financial statem
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Description: The following items (in thousands) are takenfrom the financial statements of HuangCompany for the year ending December 31, 2020:Accountspayable¥ 72,000Accountsreceivable44,000Advertisingexpense80,000Salaries and Wages Payable12,000Cash60,000Calculat

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

The following items (in thousands) are taken
from the financial statements of Huang
Company for the year ending December 31, 2020:
Accounts
payable
¥ 72,000
Accounts
receivable
44,000
Advertising
expense
80,000
Salaries and Wages Payable
12,000
Cash
60,000
Calculate the amount of total current liabilities:
а. 0
b. 72,000
C. 84,000
Od. 12,000

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