The Balances of Select Accounts of Elliott Company as of December

question 87

Multiple Choice

The balances of select accounts of Elliott Company as of December 31,2018 are given below: $$\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,200 \\\hline \text { Salaries Payable } & 3,000 \\\hline \text { Notes Payable-long-term } & 20,000 \\\hline \text { Accounts Payable } & 3,500 \\\hline \text { Unearned Revenue } & 3,000 \\\hline \text { Interest Payable } & 2,400 \\\hline\end{array}$$ 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) $5,900
• B) $10,700
• C) $13,100
• D) $11,900

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Definitions:

Bedfellows

Unlikely or surprising partners united by common interests or objectives.

Negotiator

A negotiator is someone who is involved in discussions aimed at reaching an agreement or resolving a dispute, possessing skills in communication, persuasion, and strategy.

Trust

A firm belief in the reliability, truth, ability, or strength of someone or something.

Enlightened Self-Interest

A philosophy where individuals act in ways that benefit others because they understand that these actions are ultimately in their own best interest.