Use the Information That Follows from the Financial Statements of Pines

question 12

Essay

Use the information that follows from the financial statements of Pines Company at December 31, 2017, to answer questions 16 through 20 that follow.
$\begin{array}{lr}\text { Accounts payable } & \$ 2,000 \\\text { Accounts receivable } & 3,000 \\\text { Capital stock } & 8,000 \\\text { Cash } & 5,000 \\\text { Inventory } & 19,000 \\\text { Land } & 24,000 \\\text { Notes payable (short-term) } & 5,000 \\\text { Cost of goods sold } & 12,000 \\\text { Retained earnings } & 21,000 \\\text { Sales revenue } & 20,000\end{array}$
-Calculate total current liabilities for Pines Company at December 31, 2017.

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Definitions:

Defense Mechanism

Psychological strategies brought into play by the unconscious mind to protect oneself from anxiety or social sanctions by distorting reality.

Intellectualization

A psychological defense mechanism where reasoning is used to block confrontation with an unconscious conflict and its associated emotional stress, by removing oneself emotionally from a stressful event.

Financial Implications

The potential economic outcomes or consequences associated with a decision, action, or event.

Whiney Voice

A term that might describe a high-pitched, complaining, or grumbling manner of speaking, often perceived as annoying.