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1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:
| | |
| Accounts payable | $25,300 |
| Bond payable, due 2027 | 24,200 |
| Salaries payable | 16,700 |
| Note payable, due 2019 | 21,600 |
| Note payable, due 2023 | 40,400 |
| |
What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet?
Multiple Choice
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$66,200.
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$42,000.
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$104,000.
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$63,600.
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2/ The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.
| Assets | | | | Liabilities and Equity |
| Current assets: | | | | Current liabilities: | | | |
| Cash | $ | 65 | | Accounts payable | $ | 227 | |
| Accounts receivable (net) | | 173 | | Other liabilities | | 74 | |
| Notes receivable | | 65 | | Total current liabilities | | 301 | |
| Inventories | | 211 | | Long-term liabilities | | 105 | |
| Prepaid expenses | | 33 | | Total liabilities | | 406 | |
| Total current assets | | 547 | | Shareholders' equity: | | | |
| Plant assets (net) | | 266 | | Capital stock | | 144 | |
| | | | | Retained earnings | | 263 | |
| | | | | Total shareholders' equity | | 407 | |
| Total assets | $ | 813 | | Total liabilities and equity | $ | 813 | |
| |
Quick assets total:
Multiple Choice
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$238 thousand.
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$303 thousand.
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$336 thousand.
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$65 thousand.
Answer & Explanation
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