The following are the account balances of ABC Co.: Cash = 4,000; Accounts Receivable = $4,000;...
Question:
The following are the account balances of ABC Co.:
Cash = 4,000; Accounts Receivable = $4,000; Accounts Payable = $2,000; Office Supplies = $500; Office Equipment = $5,000; Notes Payable = $3,500; Unearned Revenue = $1,000.
The amount of the Total Liabilities is __________.
Liabilities:
Liabilities are the amount that a business owes to external parties of the business. Liabilities have credit balances and appear on the balance sheet.
Answer and Explanation: 1
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View this answerThe amount of the Total Liabilities is $6,500
To calculate the amount of total liabilities, we will add the balances of liability accounts.
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Total Liabilities: Definition & Explanation
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Chapter 2 / Lesson 16
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Understand the meaning of liabilities in accounting. Learn what total liabilities are in accounting and how to calculate them using different examples.
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