Lithium Co.'s current liabilities totaled USD1,600,000 as of December 31, 2014, before any necessary year-end adjustments. Lithium Co. purchased and received goods for USD300,000 terms 2/10, n/30 on December 28, 2014. On January 4, 2015, the invoice was recorded and paid. In its December 31, 2014 balance sheet, how much should Lithium Co. report as total current liabilities?
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Lithium Co.'s current liabilities totaled USD1,600,000 as of December 31, 2014, before any necessary year-end adjustments. Lithium Co. purchased and received goods for USD300,000 terms 2/10, n/30 on December 28, 2014. On January 4, 2015, the invoice was recorded and paid.
In its December 31, 2014 balance sheet, how much should Lithium Co. report as total current liabilities?
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