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Given the following information calculate the amount of current liabilities
Given the following information calculate the amount of current liabilities.
Provision for bad debt
$23,800
Cash
$30,000
Patient revenues (net of contractuals)
$275,000
Net accounts receivable
$42,100
Ending balance, temporarily restricted net assets
$15,900
Wages payable
$6,500
Inventory
$2,800
Long-term debt
$143,000
Supply expense
$55,000
Gross plant, property, and equipment
$290,000
Net assets released from temporary restriction
$2,100
Depreciation expense
$13,000
Accounts payable
$15,000
Beginning balance, temporarily restricted net assets
$18,000
Interest expense
$9,000
Labor expense
$119,000
A) 15,000
B) 195,500
C) 76,500
D) 21,500
Expert Solution
Computation of Current Liabilities:
Current Liabilities = Accounts payable + Wages Payable
Current liabilities = $15,000 + $6,500
Current Liabilities = $21,500
Note: Current liabilities are those liabilities that is due and payable under less than 1 year term.
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