Constable Co What Is the Amount of Current Liabilities on the Classified

question 44

Multiple Choice

Constable Co.reported the following information at December 31,Year 1: $\begin{array}{lr}\text { Accounts Payable } & \$, 750 \\\text { Accounts Receivable } & 14,025 \\\text { Cash } & 35,235 \\\text { Common Stock } & 135,000 \\\text { Equipment } & 74,250 \\\text { Inventory } & 46,800 \\\text { Notes Payable due December 31, Year 3 } & 3,750 \\\text { Retained Earnings, December 31, Year 1 } & 21,135 \\\text { Wages Payable } & 3,675\end{array}$ What is the amount of current liabilities on the classified balance sheet?

• A)$14,175
• B)$10,425
• C)$170,310
• D)$6,750

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Definitions:

Tenancy at Sufferance

A situation where a tenant continues to live in a property after their lease has ended without the consent of the landlord.

Notice to Quit

A written notification given by a landlord to a tenant to vacate the premises within a specified time frame, usually for violating terms of the lease or for holding over beyond the lease term.

Sublease

An agreement where the original tenant leases out a portion or all of their rented property to another tenant.

Terminate

To bring to an end or conclude something, such as a legal contract, employment, or an ongoing process.