[The Following Information Applies to the Questions Displayed Below

question 79

Multiple Choice

[The following information applies to the questions displayed below.]

Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term.

-Based on this information alone,what is the amount of total liabilities appearing on Madison's balance sheet as of December 31,Year 1?

• A)$24,720
• B)$24,800
• C)$25,920
• D)$24,000

---

Definitions:

Interview

A formal meeting where one or more persons question, consult, or evaluate another person, typically used for the purposes of selection, assessment, or information gathering.

Government Publication

A document issued by a government agency or body, often containing statistics, research findings, or legal texts.

Empirical Research

A method of inquiry that relies on direct observation or experiment to gather data and knowledge, as opposed to theories or logic alone.

Interview

A formal meeting in which one or more persons question, consult, or evaluate another person.