The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010: What are total current liabilities at December 31, 2010?
A) $18,000
B) $70,000
C) $88,000
D) $0

Question

The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:  What are total current liabilities at December 31, 2010?
A) $18,000 
B) $70,000 
C) $88,000 
D) $0

Quizplus · Accepted Answer

Total current liabilities are the sum of accounts payable ($30,000), accrued liabilities ($20,000), and current portion of long-term debt ($38,000), which equals $88,000. Therefore, choice C is the correct answer.

The Following Items Are Taken from the Financial Statements of Dinkel