Marvin Services Corporation Had the Following Accounts and Balances If the Balance of the Buildings Account Was $24,000 and

question 161

Multiple Choice

Marvin Services Corporation had the following accounts and balances: $$\begin{array} { l r l r } \text { Accounts payable } & \$ 18,000 & \text { Equipment } & \$ 21,000 \\\text { Accounts receivable } & 3,000 & \text { Land } & 21,000 \\\text { Buildings } & ? & \text { Unearned service revenue } & 6,000 \\\text { Cash } & 9,000 & \text { Total stockholders' equity } & ?\end{array}$$ If the balance of the Buildings account was $24,000 and $6,000 of Accounts Payable were paid in cash, what would be the total liabilities and stockholders' equity?

• A) $54,000
• B) $78,000
• C) $48,000
• D) $72,000

---

Definitions:

Critical Thinking

The process of objectively analyzing and evaluating an issue to form a judgment.

Memory

The faculty by which the mind stores and remembers information.

Sociology Professor

An academic expert in sociology, the study of society, social institutions, and social relationships.

Midterm

An examination or assessment occurring in the middle of an academic term or course.