The balance sheet shows the following accounts and amounts: Inventory, $84,000; Long-term Debt 125,000; Common Stock $60,000; Accounts Payable $44,000; Cash $132,000; Buildings and Equipment $390,000; Short-term Debt $48,000; Accounts Receivable $109,000; Retained Earnings $204,000; Notes Payable (six-month)$54,000; Accumulated Depreciation $180,000.
Total current liabilities on the balance sheet are:
A)$98,000
B)$146,000
C)$271,000
D)$326,000

Question

Quizplus · Accepted Answer

Total current liabilities include Accounts Payable ($44,000), Short-term Debt ($48,000), and Notes Payable (six-month) ($54,000), which sum up to $146,000.

The Balance Sheet Shows the Following Accounts and Amounts: Inventory