Business
Business, 25.02.2020 17:53, ajaymatthew15

Gar, Inc.’s trial balance reflected the following liability account balances at December 31, year 1:

Accounts payable $19000
Bonds payable due year 2 34000
Deferred income tax liability 4000
Discount on bonds payable 2000
Dividends payable on 2/15/Y2 5000
Income tax payable 9000
Notes payable due 1/19/Y3 6000

The deferred income tax liability is based on temporary differences stemming from different depreciation methods for financial reporting and income taxes.

In Gar’s December 31, year 1 balance sheet, the current liabilities total was:

a. $71,000.
b. $69,000.
c. $65,000.
d. $67,000.

answer
Answers: 2

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