Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show how you got the total current liabilities! Thank you! QUESTION 6 A company reported $212,000 of accounts payable and $36,000 of unearned revenue

Please show how you got the total current liabilities!

Thank you!

image text in transcribed

QUESTION 6 A company reported $212,000 of accounts payable and $36,000 of unearned revenue on its Oct. 31, 2019 balance sheet. During November, the following transactions occurred: Nov. 1 Signed a 9-month 5% note for $100,000 Nov. 3 Paid suppliers $130,000 of what was owed on account Nov. 15 A neighboring firm filed a lawsuit against the company seeking $80,000 in damages for alleged pollution of a local water source. The case will not go to trial until June, 2018, and the company attorney feels the suit doesn't have merit, but it's reasonably possible that the company will have to pay the plaintiff. Nov. 30 Accrued salaries and benefits earned by employees during the last week of the month and payable on Dec. 2 were $15,000. Nov. 30 It was determined that $13,500 of unearned revenue had been earned by the end of the month. Determine total current liabilities on Nov. 30, 2019 O A. $299,917 OB. $220,333 OC. $219,917 OD. $219,500 OE. $299,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions