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The Balances of Select Accounts of Elliott,Inc

question 206

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The balances of select accounts of Elliott,Inc.as of December 31,2018 are given below:
The balances of select accounts of Elliott,Inc.as of December 31,2018 are given below:   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
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?

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Definitions:

Merchandise On Hand

The inventory of goods that a retailer has available for sale at any given time.

Trade Discounts

Reductions from the list price of goods or services provided by a seller to a buyer in a commercial transaction.

Wholesaler

An entity that buys goods in large quantities from manufacturers or distributors and sells them to retailers or other businesses.

Retailer

A business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

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