Wolfe IncReports These Account Balances at January 1, 2016 ​
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-See the Account Balances for Wolfe Inc

question 184

Multiple Choice

Wolfe Inc.reports these account balances at January 1, 2016: $$\begin{array} { l r } \text { Retained Earnings } & \$ 49,000 \\\text { Accounts Receivable } & 20,000 \\\text { Accounts Payable } & 24,000 \\\text { Capital Stock } & 185,000 \\\text { Land } & 153,000 \\\text { Cash } & 13,000 \\\text { Equipment } & 20,000 \\\text { Notes Payable } & 28,000 \\\text { Buildings } & 80,000\end{array}$$ ​
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-See the account balances for Wolfe Inc. ?
On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31, 2016, the total liabilities are:

• A) $0
• B) $56,000
• C) $41,000
• D) $30,000

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