What is Nice and Monaco like during January?

Calculate the total liabilities reported in ABC Company's balance sheet at January 31, 2012. Do not use dec?

• Calculate the total current assets reported in ABC Company's balance sheet at January 31, 2012. Do not use dec? Question 9 options: The following accounts were taken from ABC Company’s trial balance at January 1, 2012: Accounts Payable ............ $58,000 Accounts Receivable ......... $57,000 Cash ........................ $30,000 Contributed Capital ......... $95,000 Inventory ................... $62,000 Land ........................ $94,000 Notes Payable ............... $82,000 Retained Earnings ........... $76,000 Supplies .................... $46,000 Trademark ................... $22,000 During January, ABC Company had the following events: (1) On January 3, ABC Company purchased inventory costing $30,000 on account. (2) On January 9, ABC Company paid its stockholders a dividend totaling $20,000 cash. (3) On January 14, ABC Company sold its land for $75,000 cash. (4) On January 15, ABC Company hired two new employees who will each be paid $2,000 per month. (5) On January 18, ABC Company paid off one-half of its bank loan plus $2,000 of interest. (6) On January 21, ABC Company sold one-half of its inventory for $88,000. The customer did not pay any cash at the time of purchase, but agreed to pay ABC Company in full within thirty days. (7) On January 27, ABC Company received a partial payment of $35,000 from the customer who purchased the inventory on January 21. (8) On January 30, ABC Company earned and received $8,000 of interest on its bank accounts for January. (9) At January 31, ABC Company's employees had earned salaries totaling $12,000 for January. However, ABC Company will not pay the employees until February 3.

• Answer:

  These are the transactions that affect liabilities, the rest are irrelevant. (1) On January 3, ABC Company purchased inventory costing $30,000 on account. Dr Inventory 30,000 Cr Accounts Payable 30,000 (5) On January 18, ABC Company paid off one-half of its bank loan plus $2,000 of interest. I'm assuming the bank loan is the notes payable 82,000 Dr Notes Payable 41,000 Dr Interest Expense 2,000 Cr Cash 43,000 (9) At January 31, ABC Company's employees had earned salaries totaling $12,000 for January. However, ABC Company will not pay the employees until February 3. Dr Salaries Expense 12,000 Cr Salaries Payable 12,000 Liabilities Accounts Payable 58,000 + 30,000 = 88,000 Salaries Payable 12,000 Notes Payable 82,000 - 41,000 = 41,000 Total Liabilities = 88,000 + 12,000 + 41,000 = $141,000