The Following Items Are Taken from the Financial Statements of the Postal

question 78

Multiple Choice

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2018: In $\begin{array}{lr}\text { Accounts payable } & 18,000 \\\text { Accounts receivable } & 11,000 \\\text { Accumulated depreciation - equipment } & 28,000 \\\text { Advertising expense } & 21,000 \\\text { Cash } & 15,000 \\\text { Common stock } & 42,000 \\\text { Dividends } & 14,000 \\\text { Depreciation expense } & 12,000\end{array}$ $\begin{array}{lr}\text { Surance expense } & 3,000 \\\text { Note payable, due } 6 / 30 / 19 & 70,000 \\\text { Prepaid insurance (12-month policy) } & 6,000 \\\text { Rent expense } & 17,000 \\\text { Retained earnings (1/1/18) } & 60,000 \\\text { Salaries and wages expense } & 32,000 \\\text { Service revenue } & 133,000 \\\text { Supplies } & 4,000 \\\text { Supplies expense } & 6,000 \\\text { Equipment } & 210,000\end{array}$ What are total long-term liabilities at December 31, 2018?

• A) $0
• B) $70,000
• C) $88,000
• D) $90,000

---

Definitions:

Google's "70-20-10 Rule"

A strategy used by Google that allocates 70% of resources to core business tasks, 20% to related projects, and 10% to entirely new, experimental initiatives.

Company Culture

Company culture encompasses the shared values, attitudes, standards, and behavior that characterize the members of an organization and define its nature.

Innovator's Imperative

The necessity for innovators to continually adapt and evolve their products or services to meet changing market demands and stay ahead of competition.

Local Market Problems

Challenges or issues specific to a particular regional market, including competition, regulatory changes, or consumer preferences.