Question
The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015 :Accounts Payable $60,000 Wages Payable $100,000 Unearned Revenue $125,000 (60% will
The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015
:Accounts Payable $60,000
Wages Payable $100,000
Unearned Revenue $125,000 (60% will be earned in 2016)
Notes Payable $140,000 ($45,000 payable in 2016)
What is the amount that The Mayflower should report as Total Current Liability on its balance sheet as of December 31, 2015?
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Introduction To Financial Accounting
Authors: Charles T Horngren, John A Elliott
9th Edition
0131479725, 978-0131479722
