10 May WHAT ARE TOTAL CURRENT LIABILITIES?
Please refer to the partially completed worksheet below: Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance SheetAccount Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Cash $7 100 $7 100 $7 100 Accounts receivable 8 500 $2 000 10 500 10 500 Supplies 100 $80 20 20 Equipment 7 500 7 500 7 500 Accumulated depreciation $2 000 240 $2 240 $2 240Notes receivable 5 000 5 000 5 000 Accounts payable 1 200 1 200 1 200Salary payable 800 180 980 980Unearned revenue 600 600 600Long-term debt 10 000 10 000 10 000Capital 3 400 3 400 3 400Drawing 2 300 2 300 2 300 Service revenue 40 000 2 000 42 000 $42 000 Salary expense 24 000 180 24 180 $24 180 Supplies expense 2 300 80 2 380 2 380 Depreciation expense 1 600 240 1 840 1 840 Interest revenue 400 400 400 $58 400 $58 400 $2 500 $2 500 $60 820 $60 820 $28 400 $42 400 $32 420 $18 420 This worksheet is prepared for the financial statements dated December 31st 20X2. The note receivable is due on January 15th 20X4. The note payable is due on December 1st 20X3. The company’s operating cycle is six months. What are total current liabilities?A) $2 780B) $2 180 C) $16 180 D) $12 780
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