The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015 : Accounts Payable
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Question:
The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015
: Accounts Payable $60,000
Wages Payable $100,000
Unearned Revenue $125,000 (60% will be earned in 2016)
Notes Payable $140,000 ($45,000 payable in 2016)
What is the amount that The Mayflower should report as Total Current Liability on its balance sheet as of December 31, 2015?
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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