Homework Answers
Correct option is
C. $3,900,000
Current liabilities are those which are payable or due with in next 12 months.
Calculation :
Accounts payable $ 1900,000
Dividends Payable 500,000
Income tax payable 900,000
Note payable 600,000
Total $3900,000
Deferred liabilities are also current liability but in the question it is mentioned that they will be reversed in 2019. Hence not considered.
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19) T'challa Company reported the following information on December 31, 2017: Accounts payable 800,000 Bonds payable, due 2018 3,000,000 Premium on bonds payable 150,000 Deferred tax liability 250,000 The deferred tax liability is not related to an asset for financial reporting purposes and is expected to reverse in 2018. What total amount should be reported as current liabilities on December 31, 2017? A 3,650,000 B. 4,200,000 C. 3,900,000 D. 3,950,000
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