Leary Corporation's End-Of-Year Balance Sheet Consisted of the Following Amounts

question 196

Multiple Choice

Leary Corporation's end-of-year balance sheet consisted of the following amounts:

$$\begin{array} { l r l r } \text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 46,000 \\\text { Property, plant, and equipment } & 69,000 & \text { Long-term debt } & 41,000 \\\text { Capital stock } & 107,000 & \text { Accounts payable } & 22,000 \\\text { Retained earnings } & ? & \text { Inventory } & 33,000\end{array}$$
- What is Leary's total liabilities balance at the end of the current year?

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Definitions:

Welfare Payments

Government-provided financial assistance to individuals or families in need to support their basic life necessities.

Housing Credits

Housing credits are tax incentives or financial subsidies provided to developers or homeowners to encourage the development or purchase of affordable housing.

Threshold

The minimum level of stimulus or condition required to activate a process or cause a specific effect.

Redistributing Income

The process of realigning the distribution of wealth or income in a society, often through taxation and government spending aimed at reducing inequalities.