Fox Co. adjusted trial balance included the following accounts, recorded at norm

Question

Fox Co. adjusted trial balance included the following accounts, recorded at normal account balance but listed in random order, at December 31, 2018: Fox Co. Adjusted Trial BalanceCommon Stock $200,000 Accounts payable 300,000 Land 700,000 Note payable, due September 2020 400,000 Accounts receivable 500,000 Bonds payable, due December 2019 600,000 Discount on bonds payable 50,000 Retained earnings 800,000 Unearned revenue 100,000 What amount should be included in the current liability section of Fox's December 31, 2018, balance sheet? $1,050,000 $400,000 $950,000 $800,000 Fox Co. adjusted trial balance included the following accounts, recorded at normal account balance but listed in random order, at December 31, 2018: Fox Co. Adjusted Trial BalanceCommon Stock $200,000 Accounts payable 300,000 Land 700,000 Note payable, due September 2020 400,000 Accounts receivable 500,000 Bonds payable, due December 2019 600,000 Discount on bonds payable 50,000 Retained earnings 800,000 Unearned revenue 100,000 What amount should be included in the current liability section of Fox's December 31, 2018, balance sheet? $1,050,000 $400,000 $950,000 $800,000 Fox Co. adjusted trial balance included the following accounts, recorded at normal account balance but listed in random order, at December 31, 2018: Fox Co. Adjusted Trial BalanceCommon Stock $200,000 Accounts payable 300,000 Land 700,000 Note payable, due September 2020 400,000 Accounts receivable 500,000 Bonds payable, due December 2019 600,000 Discount on bonds payable 50,000 Retained earnings 800,000 Unearned revenue 100,000 What amount should be included in the current liability section of Fox's December 31, 2018, balance sheet? $1,050,000 $400,000 $950,000 $800,000

Explanation / Answer

CURRENT LIABILITY SECTION OF FOX'S DECEMBER 31, 2018 Current Liability Amount Amount Account payable $             3,00,000 Bonds Payable (Due within 12 months) $      6,00,000 Less: Discount on Bonds Payable $         50,000 Net Bonds Payable $             5,50,000 Unearned Revenue $             1,00,000 Total $             9,50,000 Answer = Option 3 = $ 950,000

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