Leary Corporation's End-Of-Year Balance Sheet Consisted of the Following Amounts

question 168

Multiple Choice

Leary Corporation's end-of-year balance sheet consisted of the following amounts: ? $$\begin{array} { l r l r } \text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 46,000 \\\text { Property, plant \& equipment } & 69,000 & \text { Long-term debt } & 41,000 \\\text { Capital stock } & 107,000 & \text { Accounts payable } & 22,000 \\\text { Retained earnings } & ? & \text { Inventory } & 33,000\end{array}$$ ?
What is Leary's total liabilities balance at the end of the current year?

• A) $3,000
• B) $110,000
• C) $63,000
• D) $173,000

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Definitions:

Nonselling Time

Periods during a salesperson's schedule that are not directly involved in selling activities, such as travel, administrative tasks, and training.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.

Frequency of Customer Sales Calls

The number of times sales representatives contact or visit customers within a specific period to drive sales.