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16) Giants Company disclosed the following liability account balances on December 31, 2017: Accounts payable 1,900,000 Bonds
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Answer #1

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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