Kramer and Associates has the following account balances lis

Kramer and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $24,000; Accounts Payable, $9,500, Accounts Receivable, $11,000; Cash, $4,000; Equipment, $47,000, Land, $23,000, Mortgage Payable, $46,000; Prepaid Insurance, $7,500; Supplies, $1,000; Unearned Revenue, $5,000; Wages payable, $2,000. Kramer and Associates\' current liabilities are: A. $11,500. B. $62,500. C. $16,500. D. $57,500.

Solution

C. $16,500. Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Paticulars Amount Unearned Revenue                  5,000.00 Wages payable                  2,000.00 Accounts Payable                  9,500.00 current liabilities                16,500.00 Note Mortgage Payable have maturity of more than 1 Year…Thus they are non current liabilities