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Maison Company began business on Jan. 1, 2020. During the three month period ending March 31, 2020, following are some of Maison's transactions: Jan. 1
Maison Company began business on Jan. 1, 2020. During the three month period ending March 31, 2020, following are some of Maison's transactions: Jan. 1 - Borrowed $20,000. No payments are due on this loan until Jan. 1, 2022, and at that time Maison will owe $21,200. Feb. 1 - Paid $900 for insurance for three months. Feb. 8 - Purchased inventory on account for $8,000. Feb. 26 - Sold $2,500 of inventory for $7,000 cash. March 2 - Paid accounts payable. March 26 - Sold $5,000 in inventory for $13,000, half in cash and half on account. March 28 - Received utility bill for the first quarter's utilities of $2,600. This will be paid in April. How much were Maison's current liabilities at March 31, 2020
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