The amount of Current Liabilities appearing on Big Guy's consolidated balance sheet as at June 30, 2020 would be:
A) $350,000.
B) $630,000.
C) $662,000.
D)$682,000.

Question

Quizplus · Accepted Answer

To calculate the amount of Current Liabilities, we need to sum up all the current liabilities of both Big Guy and Little Buddy as of June 30, 2020.

Big Guy's Consolidated Balance Sheet as of June 30, 2020:
Current Liabilities:
Accounts Payable = $250,000 
Notes Payable = $100,000 
Accrued Liabilities = $312,000 
Total Current Liabilities = $662,000

Therefore, the correct answer is C) $662,000.

The Amount of Current Liabilities Appearing on Big Guy's Consolidated