Odom Company Compiled the Following Financial Information as of December

question 109

Multiple Choice

Odom Company compiled the following financial information as of December 31, 2020: $\begin{array}{lr}\text { Revenues } & \$ 840,000 \\\text { Owner's Capital }(1 / 1 / 20) & 170,000 \\\text { Equipment } & 330,000 \\\text { Expenses } & 740,000 \\\text { Cash } & 40,000 \\\text { Owner's Drawings } & 50,000 \\\text { Supplies } & 20,000 \\\text { Sales Tax Payable } & 10,000 \\\text { Accounts payable } & 50,000 \\\text { Notes payable } & 200,000 \\\text { Accounts receivable } & 90,000\end{array}$ Odom's liabilities on December 31, 2020 are

• A) $60,000.
• B) $260,000.
• C) $300,000. d $450,000.

---

Definitions:

Twenty-Fifth Amendment

An amendment to the U.S. Constitution that outlines the procedures for presidential succession and the replacement of a vice president.

Presidential Capability

Refers to the powers and ability of the President of the United States to effectively manage and execute the duties of the office.

Twenty-Fifth Amendment

An amendment to the U.S. Constitution that provides procedures for replacing the president or vice president in the event of death, removal, resignation, or incapacitation.

Vice President

The second-highest executive officer in the United States government, who acts as the President's deputy and assumes the presidency upon the President's death, resignation, or incapacitation.