Refer to the Following List of Liability Balances at December

question 73

Multiple Choice

Refer to the following list of liability balances at December 31, 2017. What is the total amount of current liabilities?

• A) $39,180
• B) $26,680
• C) $25,880
• D) $24,380

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Definitions:

Checkbook Balance

The amount of money currently available in a checking account, according to the account holder's records.

Outstanding Checks

Checks that have been written and recorded in the checkbook but have not yet been cleared or deducted from the bank account.

Automatic Transfer

A prearranged scheme for moving funds from one account to another electronically on a set schedule.

Bank Statement Balance

The total amount of funds in a bank account at the end of a given statement period as recorded by the bank.