Question

Silver Surfer Corporation's adjusted trial balance contained the following liability accounts at December 31, 2013:

Bonds Payable due in 3 years - 90036
Accounts Payable - 73855
Notes Payable (due in 90 days) - 20130
Salaries & Wages Payable - 4154
Income Taxes Payable - 7206
Dividends Payable - 1540
What amount of current liabilities will be shown on the year end balance sheet?

Answer 1

The total current liabilities for Silver Surfer Corporation are 107,885, which includes Accounts Payable, Notes Payable (due in 90 days), Salaries & Wages Payable, Income Taxes Payable, and Dividends Payable.

Step-by-step explanation:

The amount of current liabilities to be shown on the year-end balance sheet for the Silver Surfer Corporation includes all obligations the company is due to pay within one year. Based on the adjusted trial balance provided, these accounts would comprise Accounts Payable, Notes Payable (due in 90 days), Salaries & Wages Payable, Income Taxes Payable, and Dividends Payable. Bonds Payable, due in 3 years, do not qualify as current liabilities. Therefore, the total current liabilities would be the sum of Accounts Payable (73,855), Notes Payable (20,130), Salaries & Wages Payable (4,154), Income Taxes Payable (7,206), and Dividends Payable (1,540), which equals 107,885.