Below is a list of various balance sheet accounts and their balances.

Debit Credit

Notes payable-short term $800
Salary payable 3,600
Notes payable-long term 20,000
Accounts payable 2,200
Unearned revenue 1,000
Interest payable 2,200

What are the total current liabilities that would be shown on the balance sheet?

(If you could show me how you arrived at your answer, that would be much appreciated)

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catlady23 (44 Posts) Asked Today, 01:28 PM —

Below is a list of various balance sheet accounts and their balances.

Debit Credit

Notes payable-short term $800
Salary payable 3,600
Notes payable-long term 20,000
Accounts payable 2,200
Unearned revenue 1,000
Interest payable 2,200

What are the total current liabilities that would be shown on the balance sheet?

(If you could show me how you arrived at your answer, that would be much appreciated)

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We need for you to show us your work so that we know where you need help.

Thank you.

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Originally Posted by Cat1864

We need for you to show us your work so that we know where you need help.

Thank you.

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All right -- well, "Current liabilities" is composed of; Notes payable, Accounts payable, Unearned Revenue, Salaries payable, Interest payable, and Taxes payable. So I had originally thought that I should calculate all but "notes payable-long term" for the current liabilities.

Just wanted to make sure I was in the right direction.

Notes Payable - Short Term is a current liability because these are to be paid in one year or one accounting cycle.

Notes Payable - Long Term is not a current liability because these are to be paid after one year or one accounting cycle.

The other accounts are all current liabilities.