Table 1-1
Following Is a Random List Showing the Account

question 119

Multiple Choice

Table 1-1
Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Spiffy's Garage at December 31, 2019, the end of its first year of operations. $\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 15,000 \\\hline \text { Accounts payable } & 3,500 \\\hline \text { Salary expense } & 4,500 \\\hline \text { Repairs expense } & 800 \\\hline \text { Truck } & 8,500 \\\hline \text { Equipment } & 6,300 \\\hline \text { Notes payable } & 8,200 \\\hline \text { Cash } & 6,800 \\\hline \text { Supplies expense } & 1,600 \\\hline \text { Service revenue } & 12,800 \\\hline \text { Gasoline expense } & 800 \\\hline \text { Salary payable } & 2,200 \\\hline\end{array}$ The owner, Spiffy Sloan, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use.
-Refer to Table 1-1. Total liabilities at December 31, 2019, were:

• A)$12,800.
• B)$13,900.
• C)$20,600.
• D)$22,600.

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Definitions:

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The measure of excellence or state of being free from defects, deficiencies, and significant variations, brought by strict and consistent adherence to measurable and verifiable standards to achieve uniformity of output.

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