These are the account balances for United Company as of the end of the current y
ID: 2396589 • Letter: T
Question
These are the account balances for United Company as of the end of the current year. Select the total liability from the choices provided.
Accounts Payable $2,356
Accounts Receivable 1,648
Cash 4,301
Common Stock 5,200
Rent Expense 199
Dividends 700
Equipment 8,875
Insurance Expense 728
Note Payable, Long-term 2,900
Prepaid Insurance 192
Salary Expense 4,140
Salary Payable 890
Service Revenue 8,967
Unearned Service Revenue 470
A) $11,213
B) $6,146
C) $6,616
D) $11,683
E) $7,316
Explanation / Answer
Total liabilities :
So answer is c) $6616
Current liabilities Account payable 2356 Unearned revenue 470 Salary payable 890 Total current liablities 3716 Long term liabilities Notes payable 2900 Total liabilities 6616