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

question 96

Multiple Choice

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: $\begin{array}{lr}\text { Accounts payable } & \$ 18,000 \\\text { Accounts receivable } & 11,000 \\\text { Accumulated depreciation - equipment } & 28,000 \\\text { Advertising expense } & 21,000 \\\text { Cash } & 15,000 \\\text { Common stock } & 42,000 \\\text { Dividends } & 14,000 \\\text { Depreciation expense } & 12,000\end{array}$ $$\begin{array} { l r } \text { Insurance expense } & 3,000 \\\text { Note payable, due 6/30/16 } & 70,000 \\\text { Prepaid insurance (12-month policy) } & 6,000 \\\text { Rent expense } & 17,000 \\\text { Retained earnings (1/1/15) } & 60,000 \\\text { Salaries and wages expense } & 32,000 \\\text { Service revenue } & 133,000 \\\text { Supplies } & 4,000 \\\text { Supplies expense } & 6,000 \\\text { Equipment } & 210,000\end{array}$$ What are total long-term liabilities at December 31, 2015?

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

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The long-term alteration of temperature and typical weather patterns in a place, often attributed to human activity.

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A situation or process whereby an issue, policy, or action becomes heavily influenced or dictated by political considerations.

Policymaking Process

The series of steps through which government bodies, organizations, or decision-makers identify and address public problems or issues by creating and implementing policies.