Question

Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $ 25,000 Bonds payable, due 2030 22,000 Salaries payable 16,000 Notes payable, due 2022 20,000 Notes payable, due 2026 40,000 What amount should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet?

Answer 1

Answer:

$61,000

Explanation:

Calculation for What amount should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet

Accounts payable $ 25,000

Add Salaries payable $16,000

Add Notes payable, due 2022 $20,000

December 31, 2021 Current liabilities section $61,000

($25,000+$16,000+$20,000)

Therefore the amount that should be included in the current liabilities section of Lanson’s December 31, 2021, balance sheet will be $61,000