The Balances of Select Accounts of Elliott, Inc The Unearned Revenue Is the Amount of Cash Received for December

question 55

Multiple Choice

The balances of select accounts of Elliott, Inc. as of December 31, 2018 are given below: $$\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,200 \\\hline \text { Salaries Payable } & 6,000 \\\hline \text { Notes Payable-long-term } & 20,000 \\\hline \text { Accounts Payable } & 3,000 \\\hline \text { Unearned Revenue } & 1,000 \\\hline \text { Interest Payable } & 2,500 \\\hline\end{array}$$ The Unearned Revenue is the amount of cash received for services to be rendered in January, 2019. The Interest Payable is due on February 15, 2019. What are the total current liabilities shown on the balance sheet at December 31, 2018?

• A) $5,500
• B) $11,200
• C) $13,700
• D) $12,500

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