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

question 124

Multiple Choice

A company's balance sheet contained the following information: $$\begin{array} { | l | r | l | r | } \hline \text { Contributed Capital } & \$ 12,000 & \text { Total Assets } & \$ 176,000 \\\hline \text { Accourts Payable } & \$ 64,000 & \text { Retained Earrings } & \$ 28,000 \\\hline\end{array}$$ Assuming Notes Payable is the only other item on the balance sheet:

• A)Notes Payable must equal $200,000.
• B)Notes Payable must equal $8,000.
• C)Notes Payable must equal $72,000.
• D)Notes Payable must equal $344,000.