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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Definitions:

Crystallized Intelligence

The ability to use learned knowledge and experience, which tends to increase with age.

Environmental Factors

Elements outside the individual, including social, geographical, and climatic aspects, that impact their life and development.

Perceptual Speed

The ability to quickly and accurately recognize differences and similarities among objects and symbols.

Crystallized Intelligence

The ability to use learned knowledge and experience, which typically increases with age.