8. The Pioneer Company has provided the following account balances: Cash $39,000

Question

8. The Pioneer Company has provided the following account balances: Cash $39,000; Short-term investments $5,000 Accounts receivable $7,000 Supplies $53,000; Long-term notes receivable $3,000; Equipment $101,000; Factory Building $190,000; Intangible assets $7,000; Accounts payable $29,000; Accrued liabilities payable $3,500; Short-term notes payable $16,000; Long-term notes payable $97,000; Common stock $190,000 Retained earnings $69,500. What are Pioneer's total current liabilities? $48,500 O $32,500 O $45,000 O $145,500

Explanation / Answer

Current liabilities are those obligations which are to be repaid within an year or company's operating cycle

Option A (($48,500) is the answer

Current Liabilities = Accounts payable + Accrued liabilities payable + Short-term notes payable

= 29,000+3,500+16,000

= $48,500

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