Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following items are taken from the financial s

The following items are taken from the financial statements of the Postal Service for the...

80.2K

Verified Solution

Question

Accounting

image

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2021: Accounts payable $ 18000 Accounts receivable 11000 Accumulated depreciation - equipment 28000 Advertising expense 21000 Cash 15000 Common stock 42000 Dividends 14000 Depreciation expense 12000 Insurance expense 3000 Note payable, due 6/30/22 70000 Prepaid insurance (12-month policy) 6000 Rent expense 17000 Retained earnings (1/1/21) 60000 Salaries and wages expense 32000 Service revenue 133000 Supplies 4000 Supplies expense 6000 Equipment 210000 What are total current liabilities at December 31, 2021? O $ 88000 O $ 120000 O $ 18000 O $ 70000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students