A Company's Trial Balance Included the Following Account Balances What Is the Amount of Total Liabilities on the Balance

question 143

Multiple Choice

A company's trial balance included the following account balances: $\begin{array}{lr}\text { Accounts Payable } & 19,207 \\\text { Accounts Receivable } & 81,336 \\\text { Cash } & 73,324 \\\text { Income Tax Payable } & 3,512 \\\text { Inventory } & 25,816 \\\text { Note Payable, due in two years } & 1,709 \\\text { Equipment } & 54,128 \\\text { Stockholders'Equity } & 202,808 \\\text { Supplies } & 5,512 \\\text { Wages Payable } & 12,880\end{array}$ What is the amount of Total Liabilities on the Balance Sheet?

• A)$240,116
• B)$37,308
• C)$35,599
• D)$20,916

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Definitions:

Forecast Risk

The risk associated with the likelihood that the forecasted figures will not align with the actual results, also known as projection risk.

Accounting Break-even

The point at which total revenues equal total expenses, and the company neither makes a profit nor incurs a loss.

Operating Cash Flow

The cash that a business produces from its regular business activities, essential for maintaining daily operations, paying bills, and funding investments.

Depreciation Expense

A non-cash charge that reduces the value of fixed assets due to wear, tear, or obsolescence over time.