A Company's Balance Sheet Contained the Following Information Notes Payable Is the Only Other Item on the Balance

question 60

Multiple Choice

A company's balance sheet contained the following information: $\begin{array}{lrrr}\text { Common Stock } & \$ 24,000 & \text { Total Assets } & \$ 352,000 \\\text { Accounts Payable } & 128,000 & \text { Retained Earnings } & 56,000\end{array}$ Notes Payable is the only other item on the balance sheet.Notes Payable must equal:

• A)$400,000.
• B)$16,000.
• C)$144,000.
• D)$688,000.

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Definitions:

Price Ratio

The proportionate relationship between the prices of two goods or services, indicating how many units of one good can be exchanged for one unit of another.

Marginal Utility

The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.

Total Utility

The overall satisfaction or utility that a consumer derives from consuming a certain quantity of goods or services.

Marginal Utility

The extra pleasure or benefit a consumer receives from using an additional unit of a product or service.