These are the account balances for United Company as of the end of the current y

Question

These are the account balances for United Company as of the end of the current year. Select the total liability from the choices provided.

Accounts Payable $2,356

Accounts Receivable                                        1,648

Cash                                                                 4,301

Common Stock                                                5,200

Rent Expense 199

Dividends                                                           700

Equipment                                                       8,875

Insurance Expense 728

Note Payable, Long-term                                 2,900

Prepaid Insurance                                               192

Salary Expense                                                4,140

Salary Payable                                                    890

Service Revenue                                              8,967

Unearned Service Revenue 470

A) $11,213

B) $6,146

C) $6,616

D) $11,683

E) $7,316

Explanation / Answer

Total liabilities :

So answer is c) $6616

Current liabilities Account payable 2356 Unearned revenue 470 Salary payable 890 Total current liablities 3716 Long term liabilities Notes payable 2900 Total liabilities 6616

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