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Gar, Inc.’s trial balance reflected the following liability account balances at December 31, year 6:Accounts payable $19,000Bonds payable, due year 7 34,000Deferred income tax liability 4,000Discount on bonds payable 2,000Dividends payable on 2/15/Year 7 5,000Income tax payable 9,000Notes payable, due Year 8 6,000The deferred tax liability is based on temporary differences that will reverse in Year 8 and Year 9.In Gar’s December 31, year 6 balance sheet, the current liabilities total was​:A. $71,000B. $65,000C. $67,000D. $69,000

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Answer:

B) $65,000

Explanation:

A company's current liabilities are debt that must be repaid within a 12 month period.

Gar's current liabilities include :

  • Accounts payable $19,000
  • Bonds payable, due year 7 $34,000
  • Discount on bonds payable -$2,000
  • Dividends payable on 2/15/Year 7 $5,000
  • Income tax payable $9,000

Total liabilities = $19,000 + $34,000 - $2,000 + $5,000 + $9,000 = $65,000

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