The Balances of Select Accounts of McCarthy,Inc The Unearned Revenue Is the Amount of Cash Received for Are

question 57

Multiple Choice

The balances of select accounts of McCarthy,Inc.as of December 31,2016 are given below: $$\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,500 \\\hline \text { Salaries Payable } & 6,000 \\\hline \text { Notes Payable-long-term } & 25,000 \\\hline \text { Accounts Payable } & 3,100 \\\hline \text { Unearned Revenue } & 2,000 \\\hline \text { Interest Payable } & 2,200 \\\hline\end{array}$$ The Unearned Revenue is the amount of cash received for services to be rendered in January 2017.Interest Payable will be paid on February 5,2017.What are the total long-term liabilities shown on the balance sheet?

• A)$1,500
• B)$6,000
• C)$5,100
• D)$25,000

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Definitions:

Production's Need

The requirements necessary for the production process, including materials, labor, and capital.

Consumption's Need

This term could relate to the requirement or demand for goods and services by individuals or households in an economy, but without more context, it's broadly related to consumer behavior.

Available Savings

The amount of money that remains after all spending, taxes, and financial obligations have been accounted for.

Savings Dollars

Funds that are saved and set aside for future use instead of being spent.