Salieri and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $24,000; Accounts Payable, $9,500, Accounts Receivable, $11,000; Cash, $4,000; Equipment, $47,000, Land, $23,000, Mortgage Payable, $46,000; Prepaid Insurance, $7,500; Supplies, $1,000; Unearned Revenue, $5,000; Wages payable, $2,000. Salieri's current liabilities are:

Question

Business

Joaquin Oconnell

7 March, 05:20

Salieri and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $24,000; Accounts Payable, $9,500, Accounts Receivable, $11,000; Cash, $4,000; Equipment, $47,000, Land, $23,000, Mortgage Payable, $46,000; Prepaid Insurance, $7,500; Supplies, $1,000; Unearned Revenue, $5,000; Wages payable, $2,000. Salieri's current liabilities are:

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Henson · Answer 1

Current liabilities are equal to 11,500.

Explanation:

Accumulated Depreciation, Accounts Receivable, Cash, Equipment, Land, Prepaid Insurance, Supplies and Unearned Revenue are part of the current assets. Mortgage payable generally is a no current liabilitie, because is a long term debt. The only current liabilities are accounts receivable and wages payable, so the total of current liabilities are 9,500 + 2,000 = 11,500.