Adventure Travel has an Adjusted Trial Balance for Year Ended December 31, 20XX with the following account balances:

DEBITS: Cash: 25,000; Accounts Receivable: 15,000; Office Supplies: 4,300; Office Equipment: 29,600

CREDITS: Accumulated depreciation - office equipment: 5,000; Salaries Payable: 2,800; Long-term notes payable: 22,200; Common Stock: 20,000; Retained Earnings: 10,260

DEBIT: Cash Dividends: 1,000

CREDITS: Fees Earned: 75,000

DEBITS: Salaries Expense: 32,800; Rent Expense: 16,800; Depreciation expense - office equipment: 3,960; Advertising expense: 4,000; Office supplies expense: 2,800.

Total Debits = 135,260; Total Credits = 135,260

You have prepared the Income Statement and the Statement of Retained Earnings, now it is time to prepare the Classified Balance Sheet.

What amount do you report for Total Liabilities? Specify as a whole number.

Total liabilities refer to the obligations of Adventure Travel which are due for payments in the short term and long-term, in essence, we are considering both current and non-current liabilities such as Salaries Payable and Long-term notes payable, the former is the current liability since it is due within one year whereas the latter is non-current liability because its repayment date is beyond one year

Total liabilities= Salaries Payable+Long-term notes payable

Salaries Payable=$2,800

Long-term notes payable=$22,200

Total liabilities=$2,800+$22,200

Total liabilities=$25,000

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