Hannah Company had the following account totals as of December 31, 20X2.

*Of the $20,000 bank loan payable, $15,000 will be repaid in 20X3. 

What are Hannah Companys TOTAL CURRENT LIABILITIES? 

Hint: An item that appears in the income statement does NOT also appear in the balance sheet.

Cost of goods sold 150,000 Accounts receivable 100,000 Rent revenue 10,000 Accounts payable 25,000 Sales 200,000 Inventory 50,000 Bank Loan Payable* 20,000 Cash 18,000 Retained earnings (beginning of year, January 1, 20X2) 80,000 Prepaid insurance (6-month insurance policy) 15,000 Paid-in capital 38,000 Equipment 45,000 Unearned rent revenue (9-month contract) 5,000

$50,000

$75,000

$40,000

$60,000

$45,000