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What is the amount that the mayflower should report

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Question - The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015:

Accounts Payable $60,000

Wages Payable $100,000

Unearned Revenue $125,000 (60% will be earned in 2016)

Notes Payable $140,000 ($45,000 payable in 2016)

What is the amount that The Mayflower should report as Total Current Liability on its balance sheet as of December 31, 2015?

Reference no: EM132158671

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