The post-closing trial balance of Bendit Traders on 29 February 2016 included the followingbalances:$Bank (CR balance) 60,000Debtors control 80,000Creditors control 100,000Accrued expenses 14,000Petty cash 2,000Accrued income6,000Income received in advance 4,000Prepaid expenses8,000Current portion of long-term borrowings 40,000The current liabilities of Bendit Traders on 29 February 2016 amount to:A. $218,000B. $158,000C. $178,000D. None of the above

C. $178,000Here's why:Current liabilities represent the debts a company owes that are due within one…

Answered: The post-closing trial balance of…

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