Use the Information That Follows from the Financial Statements of Pines

question 12

Essay

Use the information that follows from the financial statements of Pines Company at December 31, 2017, to answer questions 16 through 20 that follow.
$\begin{array}{lr}\text { Accounts payable } & \$ 2,000 \\\text { Accounts receivable } & 3,000 \\\text { Capital stock } & 8,000 \\\text { Cash } & 5,000 \\\text { Inventory } & 19,000 \\\text { Land } & 24,000 \\\text { Notes payable (short-term) } & 5,000 \\\text { Cost of goods sold } & 12,000 \\\text { Retained earnings } & 21,000 \\\text { Sales revenue } & 20,000\end{array}$
-Calculate total current liabilities for Pines Company at December 31, 2017.

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Definitions:

Average Total Cost

The total cost divided by the number of goods or services produced, indicating the average expense per unit.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or output.

Output Level

The quantity of goods or services produced within a given period by a business or economy.

Total Variable Cost

The sum of all costs that vary with the level of output, including expenses like materials and labor, but not fixed costs.