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    catlady23's Avatar
    catlady23 Posts: 61, Reputation: 1
    Junior Member
     
    #1

    May 13, 2013, 10:28 AM
    Balance sheet accounts
    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)
    Cat1864's Avatar
    Cat1864 Posts: 8,007, Reputation: 3687
    Marriage Expert
     
    #2

    May 13, 2013, 11:37 AM
    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)
    We need for you to show us your work so that we know where you need help.

    Thank you.
    catlady23's Avatar
    catlady23 Posts: 61, Reputation: 1
    Junior Member
     
    #3

    May 13, 2013, 11:43 AM
    Quote Originally Posted by Cat1864 View Post
    We need for you to show us your work so that we know where you need help.

    Thank you.
    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.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #4

    May 19, 2013, 10:14 AM
    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.

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