The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: What are total current liabilities at December 31, 2015?
A)$18,000
B)$70,000
C)$88,000
D)$120,000

Question

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015:  What are total current liabilities at December 31, 2015?
A)$18,000 
B)$70,000 
C)$88,000 
D)$120,000

Quizplus · Accepted Answer

Total current liabilities can be calculated by adding Accounts Payable ($5,000), Salaries and Wages Payable ($10,000), and Other Current Liabilities ($73,000), which equals $88,000. Therefore, the correct answer is C - $88,000.

The Following Items Are Taken from the Financial Statements of the Postal