Jenson corporation co.'s trial balance included the following account balances at december 31, 2016:
accounts payable $25,000
bond payable, due 2025 22,000
salaries payable 16,000
note payable, due 2017 20,000
note payable, due 2021 40,000
what amount should be included in the current liability section of jenson's december 31, 2016 balance sheet?
a. $63,000
b. $41,000
c. $61,000
d. $101,000

What amount should be included in the current liability section of Jenson's December 31, 2016 balance sheet?

C. $61,000

Explanation:

The current Liabilities corresponds to those accounts with a liquidity speed less than one year, which means it's possible to get/paid cash from these accounts before a year period.

In these case the accounts which are included in the current liabilities are

$25,000  Accounts Payable  

$20,000  Note Payable  

$16,000  Salaries Payable  

$61,000  TOTAL CURRENT LIABILITIES  

These other accounts due in more than one year because of that these are included in the Non Current Liabilities.

$22,000  Bonds Payable  

$40,000  Notes Payable  

$62,000  TOTAL NONCURRENT LIABILITIES  

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