The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: What are total current liabilities at December 31, 2021?

Question

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021:  What are total current liabilities at December 31, 2021?

Quizplus · Accepted Answer

Total current liabilities can be found by adding the accounts payable of $20,000, the accrued salaries and wages of $30,000, and the current portion of long-term debt of $38,000, which equals $88,000. Therefore, the best choice is C.

The Following Items Are Taken from the Financial Statements of Gray's