Refer to the following list of liability balances at December 31, 2018 Accounts

Question

Refer to the following list of liability balances at December 31, 2018 Accounts Payable Employee Health Insurance Payable $22,000 1,450 Employee Income Tax Payable Estimated Warranty Payable (Due 2019) Long- Term Notes Payable (Due 2022) FICA-OASDI Taxes Payable Sales Tax Payable 400 1,200 37,000 1,560 1,270 7,000 53,000 Mortgage Payable (Due 2023) Bonds Payable (Due 2024) Current Portion of Long-Term Notes Payable 7,500 O A. $27,880 O B. $26,280 O C. $27.480 O D. $35,380 Click to select your answer

Explanation / Answer

Current liability - Any Liability which is due for payment within 12 months is known as current liability.

Statement of calculation of current liabilities

Account payable - $22000

Employee health insurance payable - $1450

Employee income tax payable - $400

Estimated warranty payable - $1200

Fica Tax payable - $1560

Sales tax payable - $1270

Current portion of notes payable - $7500

Total - $35380

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