Gladstone Company Liabilities Include $13,500 of Accounts Payable, $8,000 of Wages

question 106

Multiple Choice

Gladstone Company liabilities include $13,500 of accounts payable, $8,000 of wages payable, $6,300 of unearned revenue, $32,000 note payable due in 18 months, $70,000 of 10-year bonds payable, and $41,000 of taxes payable. Gladstone's current liabilities equal:

• A)$59,800
• B)$68,800
• C)$60,800
• D)$62,500
• E)$100,800

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Definitions:

Petty Cash

A small fund kept on hand used for minor, miscellaneous expenses of a business.

Misc. Expense

Miscellaneous Expense refers to small, infrequent costs that are not categorized under a specific heading in financial statements.

Misc. Revenue

Miscellaneous revenue refers to income generated from activities not central to a business’s main operations.