Fandango Company Reported Current Liabilities of $520,000, Total Assets of $10,560,000

question 9

Multiple Choice

Fandango company reported current liabilities of $520,000, total assets of $10,560,000, and shareholders equity of $4,750,000 on its July balance sheet. Which of the following would the business have to have reported to complete the balance sheet equation?

• A) $14,790,000 in long-term liabilities
• B) $5,290,000 in long-term liabilities
• C) $10,040,000 in long-term liabilities
• D) $10,040,000 in accumulated amortization
• E) $14,790,000 in accumulated amortization

---

Definitions:

Common Law

A legal system based on precedents and judicial decisions rather than codified statutes.

Damages

Financial compensation awarded by a court to indemnify losses suffered by a plaintiff as a result of another's actions.

Injured Party

An individual or entity that has suffered harm or injury, either physically, financially, or reputationally, often leading to a claim for compensation or relief.

Charter Action

Legal proceedings initiated to seek redress or enforcement of rights protected under a charter of rights, such as the Canadian Charter of Rights and Freedoms.