N | |
Creditors | 7,940 |
Prepaid expenses | 290 |
Accrual expenses | 323 |
Stock | 4,500 |
Cash balances | 4,956 |
Debtors | 905 |
Use the information in the above table to answer the question.
Determine the current liabilities.
In accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer. example
From the table above, current liabilities = creditors + accruals expenses. Hence we have;
7,940+323= 8,263
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