On December 31, 2023, the bookkeeper of the Orange Co. gave us the following information:  Notes payable arising from purchases of goods, 472,000; arising from loans from banks, 200,000 on which trading securities valued at 280,000 have been pledged as security; arising from long-term advances by officers, 250,000.  Employees' income taxes payable, 9,600  Advances received from customers on purchase orders, 64,000  Accounts payable arising from purchases of goods, 380,000  Customers accounts with credit balances arising from sales returns 26,000  Share dividends distributable, 240,000  First mortgage serial bonds, 1,500,000 payable in semi-annual installments of 50,000 due on April 1 and October 1 of each year  Cash overdraft with ABC Commercial Bank, 50,000  Estimated damages to be paid as a result of unsatisfactory performance on a contract, 24,000  Estimated expenses of meeting guarantee for service requirement on merchandise sold, 48,000  Accrued interest on bonds payable, 57,500 

How mush is the total current liabilities to be presented in the balance sheet as of December 31, 2023

Answer rating: 100% (QA)

To calculate the total current liabilities we need to consider the liabilities that are du... View the full answer