The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense 28,800 Equipment 7,800 Furniture Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: a. $27,300 b. $39,900 3,600 Notes Payable (due 12/31/25) 6,000 Accumulated Depreciation 329,250 Cash Determine Total Current Liabilities as of December 31, 2023: c. $144,900 d. $132,300 e. $247,350 3,000 Common Stock 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue $18,000 247,500 66,000 105,000 31,350 78,000 60,000 150,000 42,450 1,200 31,350 12,600

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise.
$16,500 Rent Expense
$18,000
247,500
28,800 Equipment
7,800 Furniture
66,000
3,600 Notes Payable (due 12/31/25) 105,000
6,000 Accumulated Depreciation
31,350
329,250 Cash
78,000
60,000
150,000
42,450
1,200
31,350
12,600
Accounts Payable
Accounts Receivable
Wages Payable
Prepaid Expenses
Dividends
Sales Revenue
Notes Payable (due 4/30/24)
Cost of Goods Sold
Loss on Sale of Equipment
Inventory
Advertising Expense
Insurance Expense
Select one:
Determine Total Current Liabilities as of December 31, 2023:
a. $27,300
b. $39,900
3,000 Common Stock
c. $144,900
d. $132,300
e. $247,350
158,400 Goodwill
10,500 Retained Earnings (1/1/23)
28,500 Marketable Equity Securities
9,000 Depreciation Expense
6,000 Unearned Revenue
Transcribed Image Text:The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
Expert Solution
Step 1: Understanding of current liabilities

Current liabilities are obligations that a company expects to settle within one year or within the normal operating cycle of the business, whichever is longer. These obligations arise as a result of past transactions or events, and they represent debts or commitments that need to be paid off in the near future. Current liabilities are important for assessing a company's liquidity and its ability to meet its short-term financial obligations. Current liabilities are typically listed in the order in which they are expected to be settled. 

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