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what are the total current assets and liabilities? can you explain this question please? i know the answerr,,, TT Bread Basket's Salary & Wages Expense

what are the total current assets and liabilities?
can you explain this question please? i know the answerr,,, TT image text in transcribed
Bread Basket's Salary & Wages Expense = 36000 ( 15*2400) And Bread Basket has paid 21000 out of these expenses which means that 15000 related to salaries are outstanding as on balance sheet. Outstanding Liabilities are to be taken into account before preparation of financial statements. So they need to pass entry:- Salary & Wages Account 15000 Outstanding Salary & Wages 15000 1. Outstanding Salary of 15000 is added to Salary Account and is debited to Profit and Loss Account. 2. Outstanding Salary is a liability and shown in Balance Sheet (liability). Thus Liability are understated by 15000 if the adjusting entries are not passed. In case of any query feel free to ask

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