The Following Is a Partial List of Account Balances from the Books

question 62

Multiple Choice

The following is a partial list of account balances from the books of Ellsworth Enterprise at the end of 20X1: $$\begin{array} { | l | r | } \hline \text { Trade Payables } & \$ 1,200 \\\hline \text { Trade Receivables } & 1,000 \\\hline \text { Accrued Vacation Liability } & 900 \\\hline \text { Cash } & 3,000 \\\hline \text { Deferred Revenue } & 500 \\\hline \text { Income Taxes Payable } & 2,200 \\\hline \text { Notes Payable (due in 2 years) } & 600 \\\hline\end{array}$$ Based solely upon these balances, what amount of current liabilities should appear on Ellsworth's 20X1 year-end statement of financial position?

• A) $3,900
• B) $4,300
• C) $4,800
• D) $5,400

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Definitions:

GDP Deflator

An indicator representing the price levels of all newly domestically made final products and services within a country, utilized to convert nominal GDP into real GDP.

Net Domestic Product

The total value of all goods and services produced within a country's borders in a given time period, after accounting for depreciation.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate picture of an economy's size and how it's growing over time.

National Income

The total income earned by a country's residents and businesses, including wages, rent, interest, and profits.