Question

What is the total amount of current liabilities to be reported on xyz company's 12/31/x1 classified balance sheet? $22,600 $74,300 $20,700 $18,200

Answer 1

Based on the financial details given, the total amount of current liabilities on xyz company's 12/31/x1 classified balance sheet is $22,600.

What are the total current liabilities?

The current liabilities can be found by the formula:

= Accounts Payable + Salaries Payable + Interest Payable + Utilities Payable

As the above are all the current liabilities to XYZ company, the current liabilities are:

= 11,300 + 2,500 + 1,900 + 6,900

= $22,600

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