Question

Refer to the following list of liability balances at December 31, 2015.

Answer 1

Answer:

$18,880

Explanation:

Current Liabilities are those liabilities which need to be paid within on year time. These liabilities are also called short term liabilities.

Following Liabilities are considered as the current liabilities because these needs to be paid within one year.

Accounts Payable                                               $13,000

Employee Health Insurance Payable                $450

Employee Income Tax Payable                         $400

Estimated Warranty Payable                              $600

FICA—OASDI Taxes Payable                             $560

Sales Tax Payable                                               $370

Current Portion of Long-Term Notes Payable  $3,500

Total Current Liabilities                                       $18,880

Following are all the Non current liabilities balances:

Long-Term Notes Payable(Due 2019) 33,000

Mortgage Payable(Due 2020) 6,000

Bonds Payable(Due 2021) 53,000