Refer to the Following List of Liability Balances at December

question 166

Multiple Choice

Refer to the following list of liability balances at December 31, 2018. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 22,000 \\\hline \text { Employee Health Insurance Payable } & 1450 \\\hline \text { Employee Income Tax Payable } & 400 \\\hline \text { Estimated Warranty Payable (Due 2019) } & 1200 \\\hline \text { Long-Term Notes Payable (Due 2022) } & 37,000 \\\hline \text { FICA-OASDI Taxes Payable } & 1560 \\\hline \text { Sales Tax Payable } & 1270 \\\hline \text { Mortgage Payable (Due 2023) } & 7000 \\\hline \text { Bonds Payable (Due 2024) } & 53,000 \\\hline \text { Current Portion of Long-Term Notes Payable } & 7500 \\\hline\end{array}$$ What is the total amount of current liabilities?

• A) $35,380
• B) $27,880
• C) $27,480
• D) $26,280

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Definitions:

Federal Receipts

Revenues collected by the federal government, primarily through taxes, but also including other sources such as customs duties and earnings from the Federal Reserve's operations.

Recession

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Outlays

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Stabilization Policies

Government strategies aimed at reducing fluctuations in the economy through monetary and fiscal policy measures to achieve low inflation, reduced unemployment, and sustainable growth.