Question

The following accounts balances are provided for Chen Pty Ltd at 31 December 2019. Revenues and...

The following accounts balances are provided for Chen Pty Ltd at 31 December 2019. Revenues and expense accounts cover the financial year ending on that date.

Accounts payable

14,000

Prepaid insurance

2,500

Accounts receivable

18,000

Property, plant and equipment

150,000

Accumulated depreciation

30,000

Retained earnings

78,000

Cash

6,000

Sales revenues

122,000

Cost of sales

35,000

Selling and admin expenses

65,000

Interest expense

4,000

Share capital

50,000

Interest payable

500

Supplies

3,000

Inventory

34,000

Unearned revenue

2,000

Loan payable—long term

40,000

Wages expense

6,000

Patents and trademarks

4,000

Wages payable

3,000

What is the total current liabilities?

a.

$49,500

b.

Unable to be calculated from the information given

c.

$57,500

d.

$59,500

e.

$19,500

Homework Answers

Answer #1
CALCULATION OF CURRENT LIABILITES
AMOUNT
Account Payable $              14,000
Interest Payable $                    500
Unearned Revenue $                 2,000
Wages Payable $                 3,000
Total of Current Liablities $              19,500
Answer = Option E = $ 19,500
Note: Current liabilities means which are payable normally in short period that is within 12 months
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