On December 31, 2016, the Wagner Company had the following liabilities: Trade accounts payable $150,000 11%...
On December 31, 2016, the Wagner Company had the following liabilities:
|
Trade accounts payable |
$150,000 |
|
11% note payable, maturing in equal installments of $40,000 |
|
|
on December 30 of each year through 2019 |
120,000 |
|
12% note payable, issued October 15, 2016, maturing |
|
|
February 15, 2017 |
70,000 |
On December 31, Wagner signed a binding agreement with its bank
to refinance the 12% note through February 14, 2019, at a variable
interest rate.
What is the amount of Wagner's current liabilities on December 31,
2016?
|
a. |
$150,000 |
|
|
b. |
$190,000 |
|
|
c. |
$230,000 |
|
|
d. |
$260,000 |
Homework Answers
Current Liabilities
= Trade accounts payable + current portion of 11% note payable + 12% note payable
= 150,000 + 40,000 + 70,000
= 260,000
Option D is the answer
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