Question

Refer to the following list of liability balances at December 31, 2015.

Accounts Payable $ 13,000
Employee Health Insurance Payable 450
Employee Income Tax Payable 400
Estimated Warranty Payable 600
Long-Term Notes Payable(Due 2019) 33,000
FICA—OASDI Taxes Payable 560
Sales Tax Payable 370
Mortgage Payable(Due 2020) 6,000
Bonds Payable(Due 2021) 53,000
Current Portion of Long-Term Notes Payable 3,500

What is the total amount of current liabilities?

Answer 1

$18,880

Step-by-step explanation:

Current Liabilities are those liabilities which need to be paid within on year time. These liabilities are also called short term liabilities.

Following Liabilities are considered as the current liabilities because these needs to be paid within one year.

Accounts Payable $13,000

Employee Health Insurance Payable $450

Employee Income Tax Payable $400

Estimated Warranty Payable $600

FICA—OASDI Taxes Payable $560

Sales Tax Payable $370

Current Portion of Long-Term Notes Payable $3,500

Total Current Liabilities $18,880

Following are all the Non current liabilities balances:

Long-Term Notes Payable(Due 2019) 33,000

Mortgage Payable(Due 2020) 6,000

Bonds Payable(Due 2021) 53,000