Question

Salieri and Associates has the following account balances listed in alphabetical​ order: Accumulated​ Depreciation, $24,000; Accounts​ Payable, $9,500, Accounts​ Receivable, $11,000;​ Cash, $4,000;​ Equipment, $47,000,​ Land, $23,000, Mortgage​ Payable, $46,000; Prepaid​ Insurance, $7,500;​ Supplies, $1,000; Unearned​ Revenue, $5,000; Wages​ payable, $2,000.​ Salieri's current liabilities​ are:

Answer 1

Current liabilities are equal to 11,500.

Step-by-step explanation:

Accumulated​ Depreciation, Accounts​ Receivable, Cash, Equipment, Land, Prepaid​ Insurance, Supplies and Unearned Revenue are part of the current assets. Mortgage payable generally is a no current liabilitie, because is a long term debt. The only current liabilities are accounts receivable and wages payable, so the total of current liabilities are 9,500 + 2,000 = 11,500.