ABC Corp ABC Corp reports the following financial statement

ABC Corp.

ABC Corp. reports the following financial statement data at the end of the period in its annual reports $2,000 10,000 $5,000 $5,000 2,000 2,000 1,000 AR Property, Plant & Equipment an A/P Wages Payable Selling expense Commission e xpense What were the Total Current Liabilities of the company? A. $9,000 B. 5 million OC. $7,000 D. $17,000 E. None of the above

Solution

Total current liability = A/P (i.e. accounts payable) + Wages Payable

= $5,000 + $2,000

= $7,000