Art's Appliances has accounts payable of $65,000,payroll payable of $2,750,mortgage payable of $38,500,current notes payable of $12,000,and taxes payable of $3,100.Art's current liabilities are:

Question

Quizplus · Accepted Answer

Current liabilities are the liabilities that are due within one year or the operating cycle of the business, whichever is longer. In this case, all the given accounts payable, payroll payable, current notes payable, and taxes payable are due within one year, making them all current liabilities. Adding them up, we get:
$65,000 + $2,750 + $12,000 + $3,100 = $82,850
Hence, the correct answer is option C.

Art's Appliances Has Accounts Payable of $65,000,payroll Payable of $2,750,mortgage