8. bond and associates has the following account balances listed in alphabetical order: accumulated…

8. bond and associates has the following account balances listed in alphabetical order: accumulated depreciation, $23,000; accounts payable, $8,500; accounts receivable, $12,000; cash, $3,500; equipment, $44,000; land, $21,000; mortgage payable, $45,000; prepaid insurance, $7,500; supplies, $2,000; unearned revenue, $6,000; wages payable, $4,500. how much are bond and associates’ current liabilities?

8. bond and associates has the following account balances listed in alphabetical order: accumulated depreciation, $23,000; accounts payable, $8,500; accounts receivable, $12,000; cash, $3,500; equipment, $44,000; land, $21,000; mortgage payable, $45,000; prepaid insurance, $7,500; supplies, $2,000; unearned revenue, $6,000; wages payable, $4,500. how much are bond and associates’ current liabilities?

Answer

Explanation:

Step1: Identify current - liability accounts

Current - liability accounts are Accounts Payable, Unearned Revenue, and Wages Payable.

Step2: Calculate total current liabilities

Add the balances of the identified current - liability accounts: $8500 + 6000+4500$. $8500+6000 + 4500=19000$

Answer:

$19,000$