Refer to the following list of liability balances at December 31,2017. $$\begin{array} { | l | r | }
\hline \text { Accounts Payable } & \$ 22,000 \
\hline \text { Employee Health Insurance Payable } & 1,450 \
\hline \text { Employee Income Tax Payable } & 400 \
\hline \text { Estimated Warranty Payable } & 1,200 \
\hline \text { Long-Term Notes Payable (Due 2021) } & 37,000 \
\hline \text { FICA-OASDI Taxes Payable } & 1,560 \
\hline \text { Sales Tax Payable } & 1,270 \
\hline \text { Mortgage Payable (Due 2022) } & 7,000 \
\hline \text { Bonds Payable (Due 2023) } & 53,000 \
\hline \text { Current Portion of Long-Term Notes Payable } & 7,500 \
\hline
\end{array}$$ What is the total amount of current liabilities?

Question

Refer to the following list of liability balances at December 31,2017. $$\begin{array} { | l | r | } 
\hline \text { Accounts Payable } & \$ 22,000 \
\hline \text { Employee Health Insurance Payable } & 1,450 \
\hline \text { Employee Income Tax Payable } & 400 \
\hline \text { Estimated Warranty Payable } & 1,200 \
\hline \text { Long-Term Notes Payable (Due 2021) } & 37,000 \
\hline \text { FICA-OASDI Taxes Payable } & 1,560 \
\hline \text { Sales Tax Payable } & 1,270 \
\hline \text { Mortgage Payable (Due 2022) } & 7,000 \
\hline \text { Bonds Payable (Due 2023) } & 53,000 \
\hline \text { Current Portion of Long-Term Notes Payable } & 7,500 \
\hline
\end{array}$$ What is the total amount of current liabilities?

Quizplus · Accepted Answer

Current liabilities include obligations due within one year. Adding up the current liabilities: Accounts Payable ($22,000) + Employee Health Insurance Payable ($1,450) + Employee Income Tax Payable ($400) + Estimated Warranty Payable ($1,200) + FICA-OASDI Taxes Payable ($1,560) + Sales Tax Payable ($1,270) + Current Portion of Long-Term Notes Payable ($7,500) = $35,380.

Refer to the Following List of Liability Balances at December