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

question 75

Multiple Choice

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

• A) $26,000
• B) $32,000
• C) $36,000
• D) $42,000

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Definitions:

Mesoamerican Mexico

Referring to the cultural and historical region in pre-Columbian Mexico characterized by significant civilizations like the Aztec and Maya.

Maize (Corn)

A staple cereal grain domesticated by indigenous peoples in Mesoamerica, pivotal to various cultures and economies worldwide.

San Lorenzo

An archaeological site in Mexico, notable for its colossal Olmec sculptures and as an early center of Olmec civilization.

La Venta

An ancient Olmec civilization site in Mexico, known for its colossal stone heads, ceremonial complexes, and as a center for Olmec culture from 1200 BCE to 400 BCE.