The following accounts were included on Stacy's Style Consultants post-closing trial balance at December 31, 2008:...

  

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The following accounts were included on Stacy's Style Consultants post-closing trial balance at December 31, 2008: $ 2,000 5,500 11,000 40,000 10,000 3,000 60,000 1,000 39,000 5,000 Accounts payable Accounts receivable Cash Stacy, Capital Stacy, Drawing Interest expense Note payable, due 8/31/11 Supplies Service revenue Equipment (a) What are total current assets? (b) What are total current liabilities? The following accounts were included on Stacy's Style Consultants post-closing trial balance at December 31, 2008: $ 2,000 5,500 11,000 40,000 10,000 3,000 60,000 1,000 39,000 5,000 Accounts payable Accounts receivable Cash Stacy, Capital Stacy, Drawing Interest expense Note payable, due 8/31/11 Supplies Service revenue Equipment (a) What are total current assets? (b) What are total current liabilities?

Answer rating: 100% (QA)

iii Interest expense can be both a liability and an asse... View the full answer