Refer to the Following List of Liability Balances at December

question 58

Multiple Choice

Refer to the following list of liability balances at December 31, 2015. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 13,000 \\\hline \text { Employee Health Insurance Payable } & 450 \\\hline \text { Employee Income Tax Payable } & 400 \\\hline \text { Estimated Warranty Payable } & 600 \\\hline \text { Long-Term Notes Payable(Due 2019) } & 33,000 \\\hline \text { FICA-OASDI Taxes Payable } & 560 \\\hline \text { Sales Tax Payable } & 370 \\\hline \text { Mortgage Payable(Due 2020) } & 6,000 \\\hline \text { Bonds Payable(Due 2021) } & 53,000 \\\hline \text { Current Portion of Long-Term Notes Payable } & 3,500 \\\hline\end{array}$$ What is the total amount of long-term liabilities?

• A) $39,000
• B) $92,000
• C) $86,000
• D) $33,000

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Definitions:

Time-Series Components

Distinct elements that constitute time-series data, typically including trend, seasonal, cyclical, and irregular components.

Quarterly Time Series

Data collected, distributed, or analyzed at intervals of three months, often used to identify trends over time.

Residual Plot

A graphical representation where residuals (differences between observed and predicted values) of a regression analysis are plotted against predicted values to assess the fit of a model.

Trend Model

A statistical model that attempts to capture underlying patterns or trends in a dataset.