The balances of select accounts of Elliott Company as of December 31,2018 are given below: $$\begin{array} { | l | r | }
\hline \text { Notes Payable-short-term } & \$ 1,200 \
\hline \text { Salaries Payable } & 3,000 \
\hline \text { Notes Payable-long-term } & 20,000 \
\hline \text { Accounts Payable } & 3,500 \
\hline \text { Unearned Revenue } & 3,000 \
\hline \text { Interest Payable } & 2,400 \
\hline
\end{array}$$ The Unearned Revenue is the amount of cash received for services to be rendered in January,2019.The Interest Payable is due on February 15,2019.What are the total current liabilities shown on the balance sheet at December 31,2018?
A) $5,900
B) $10,700
C) $13,100
D) $11,900

Question

The balances of select accounts of Elliott Company as of December 31,2018 are given below: $$\begin{array} { | l | r | } 
\hline \text { Notes Payable-short-term } & \$ 1,200 \
\hline \text { Salaries Payable } & 3,000 \
\hline \text { Notes Payable-long-term } & 20,000 \
\hline \text { Accounts Payable } & 3,500 \
\hline \text { Unearned Revenue } & 3,000 \
\hline \text { Interest Payable } & 2,400 \
\hline
\end{array}$$ The Unearned Revenue is the amount of cash received for services to be rendered in January,2019.The Interest Payable is due on February 15,2019.What are the total current liabilities shown on the balance sheet at December 31,2018?
A) $5,900
B) $10,700
C) $13,100
D) $11,900

Quizplus · Accepted Answer

The total current liabilities are the sum of Accounts Payable ($4,500), Salaries Payable ($3,200), Unearned Revenue ($1,500), and Interest Payable ($3,900). Adding these amounts together, we get a total current liabilities of $13,100. Therefore, the correct option is C.

The Balances of Select Accounts of Elliott Company as of December