FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information is for Tamarisk Real Estate: Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $101000 O $60500. O $15200. O $75700. O $159500. TamariskReal Estate Balance Sheet December 31, 2020 $ 24600 Accounts Payable 30300 51000 71300 83800 118100 (20200) 80800 70400 $530300 Salaries and Wages Payable Mortgage Payable Total Liabilities Owner's Capital Total Liabilities and Owner's Equity The total dollar amount of liabilities to be classified as current liabilities is $ 60500 15200 83800 159500 370800 $530300
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Transcribed Image Text:The following information is for Tamarisk Real Estate: Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $101000 O $60500. O $15200. O $75700. O $159500. TamariskReal Estate Balance Sheet December 31, 2020 $ 24600 Accounts Payable 30300 51000 71300 83800 118100 (20200) 80800 70400 $530300 Salaries and Wages Payable Mortgage Payable Total Liabilities Owner's Capital Total Liabilities and Owner's Equity The total dollar amount of liabilities to be classified as current liabilities is $ 60500 15200 83800 159500 370800 $530300
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Step 1: Define Current Liabilities
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Step 2: Calculation of the current liabilities, as follows:
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