Please Refer to the Partial Balance Sheet Data Provided Below

question 67

Multiple Choice

Please refer to the partial balance sheet data provided below: $\begin{array}{|l|r|r|r|r|}\hline \text { (Dollar amounts in millions) } & 2014 & & 2013 & \\\hline & \text { Amount } & \text { \% of Total } & \text { Amount } & \text { \% of Total } \\\hline \text { Liabilities } & & & & \\ \hline \text { Current assets: } & & & & \\\hline \text { Accounts payable } & \$ 8,500 & 3.1 \% & \$ 7,300 & 2.9 \% \\\hline \text { Other current liabilities } & 1,400 & 0.5 \% & 3,900 & 1.6 \% \\\hline \text { Total current liabilities } & 9,900 & 3.6 \% & 11,200 & 4.5 \% \\\hline \text { Long-term notes payable } & 54,000 & 19.7 \% & 30,000 & 12.0 \% \\\hline \text { Total liabilities } & \$ 63,900 & 23.4 \% & \$ 41,200 & 16.5 \% \\\hline\text { Stockholders' Equity }\\\hline \text { Common stock } & \$ 12,000 & 4.4 \% & \$ 12,000 & 4.8 \% \\\hline \text { Paid-in capital in excess of par } & 149,000 & 54.5 \% & 149,000 & 59.6 \% \\\hline \text { Retained earnings } & 48,700 & 17.8 \% & 47,900 & 19.2 \% \\\hline \text { Total stockholders' equity } & \$ 209,700 & 76.6 \% & \$ 208,900 & 83.5 \% \\\hline \text { Total liabilities and stockholders' equity } & \$ 273,600 & 100.0 \% & \$ 250,100 & 100.0 \% \\\hline\end{array}$


- Which of the following accurately describes the 3.6% figure shown for total current liabilities in 2014?

• A) In 2014, total current liabilities increased as a percentage of total liabilities and stockholders' equity over the prior year.
• B) In 2014, total current liabilities was equal to 3.6% of total liabilities.
• C) In 2014, total current liabilities was equal to 3.6% of total liabilities and stockholders' equity.
• D) In 2014, total current liabilities decreased as a percentage of net sales revenue.

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Definitions:

Temporal Bone

A bone situated on the side of the skull, containing the organs of hearing and balance.

Cataract

Complete or partial opacity of the lens of the eye.

Lens of the Eye

A transparent structure behind the iris of the eye that helps to refract light to be focused on the retina.

Acute Central Vision

Acute central vision refers to the component of vision that is responsible for sharp, detailed vision in the direct line of sight.