The following information is for Sunny Day Real Estate: Sunny Day Real Estate
Balance Sheet
December 31, 2015
$\begin{array}{lrlr}
\text { Cash } & \$ 25,000 & \text { Accounts Payable } & \$ 60,000 \
\text { Prepaid Insurance } & 30,000 & \text { Salaries and Wages Payable } & 15,000 \
\text { Accounts Receivable } & 50,000 & \text { Mortqage Payable } & 85,000\
\text { Inventory } & 70,000 & \text { Total Liabilities } & 160,000 \
\text { Land Held for Investment } & 85,000 & & \
\text { Land } & 120,000 & &\
\text { Buildings }& \$ 100,000 & \text { Common Stock } \$ 120,000 \
\text { Less Accumulated }&&\text { Retained Earnings }250,000&370,000\
\text { Trademark } & {70,000} & \text { Total Liabilities and } \
\text { Total Assets } & \$ 530,000 & \text { Stockholders' Equity } & \$ 530,000
\end{array}$ The total dollar amount of liabilities to be classified as current liabilities is

Question

The following information is for Sunny Day Real Estate: Sunny Day Real Estate
Balance Sheet
December 31, 2015
$\begin{array}{lrlr}
\text { Cash } & \$ 25,000 & \text { Accounts Payable } & \$ 60,000 \
\text { Prepaid Insurance } & 30,000 & \text { Salaries and Wages Payable } & 15,000 \
\text { Accounts Receivable } & 50,000 & \text { Mortqage Payable } & 85,000\
\text { Inventory } & 70,000 & \text { Total Liabilities } & 160,000 \
\text { Land Held for Investment } & 85,000 & & \
\text { Land } & 120,000 & &\
\text { Buildings }& \$ 100,000 & \text { Common Stock }  \$ 120,000 \
\text { Less Accumulated }&&\text { Retained Earnings }250,000&370,000\
\text { Trademark } & {70,000} & \text { Total Liabilities and } \
\text { Total Assets } & \$ 530,000 & \text { Stockholders' Equity } & \$ 530,000
\end{array}$ The total dollar amount of liabilities to be classified as current liabilities is

Quizplus · Accepted Answer

Current liabilities include accounts payable ($60,000) and salaries and wages payable ($15,000), totaling $75,000.

The Following Information Is for Sunny Day Real Estate: Sunny