ACCOUNTING CYCLE Balance sheet subtotals On December 31, Garcia Company has the following list of account balances. Accounts Payable $ 47,300 Equipment $ 66,900 Accounts Receivable 59,900 Service Revenue 69,700 Accumulated Depreciation, 15,800 Legal Expense 5,500 Equipment Accumulated Depreciation, 61,200 Buildings Note Payable, due in two years. 18,000 Advertising Expense 6,900 Prepaid Rent 14,900 Beginning Retained Earnings 90,000 Rent Expense 2,400 Buildings 119,000 Salaries Expense 8,200 Capital Stock 49,100 Salaries Payable 7,800 Cash 29,100 Supplies 22,100 Dividends 16,000 Supplies Expense 8,000 Required: Compute the dollar amount of the total Current Liabilities as it would appear on the December 31 balance sheet. Dollar amount of Total Current Liabilities: 5 III MERCHANDISING AND INVENTORY Merchandising: Computing amount due Griffin Company purchased goods with the following terms and details: Sales price, $14,000 Terms, 1/10, n/30 Date of sale, May 2 Date of payment, May 13 Returns and allowances (before payment), $900 Shipping, FOB Destination, $350, prepaid by seller Required: Compute the amount that Griffin Company has to pay to the seller for the goods. Amount that is paid to the seller: $0 0/5