Question

Al pasar a otra pregunta se guardara esta respuesta Pregunta 7 Central Avenue Red Balance Shes December 31, 2018 The following information is for Central Avenue Ped Estex $ 25,000 40.000 50.000 80.000 75.000 120,000 Cash Prepaid Insurance Accounts Receivable Inventory $110,000 RON 20.000 $50 Land Held for investment Land Building Less Accumulated Depreciation Trademark Total Assets The total dollar amount of liabilities to be classified as a A. $170,000 B. $60,000 C. $85,000. D. $25,000 Al pasar a otra pregunta segundast

Answer 1

Current liabilities are those liabilities which are to be paid within a one financial year .

Here, Accounts payable , Salary and wages payable are current liabilities .

Accounts Payable -these are basically dues of vendor payment which to be paid within a year .

Salary and wages payable - is outstanding salary and wages which are to be paid in the next month of salary due.

Note : in image amount is not visible I am assuming the value of Accounts payable is $14000 and Salary and wages payable is $11000. Then current liability would be ($14000+$11000)=$25000.

Mortgage payable is not current liability as it is loan against mortgage of property and which is to be not paid by one financial year .