Refer to the Following List of Liability Balances at December

question 181

Multiple Choice

Refer to the following list of liability balances at December 31,2017. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 15,000 \\\hline \text { Employee Health Insurance Payable } & 1,150 \\\hline \text { Employee Income Tax Payable } & 600 \\\hline \text { Estimated Warranty Payable } & 1,400 \\\hline \text { Long-Term Notes Payable (Due 2021) } & 40,000 \\\hline \text { FICA-OASDI Taxes Payable } & 1,060 \\\hline \text { Sales Tax Payable } & 670 \\\hline \text { Mortgage Payable (Due 2022) } & 15,000 \\\hline \text { Bonds Payable (Due 2023) } & 54,000 \\\hline \text { Current Portion of Long-Term Notes Payable } & 10,500 \\\hline\end{array}$$ What is the total amount of long-term liabilities?

• A)$55,000
• B)$109,000
• C)$94,000
• D)$40,000

Recognize the importance of specific external signals in initiating key developmental processes.

Understand the concept and calculation of IQ.

Recognize the multiple intelligences theory and its application in education.

Identify the historical development of intelligence testing.

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Definitions:

Accounts Receivable

Money owed to a business by its customers for goods or services that have been delivered but not yet paid for.

Net Credit Sales

The total revenue from sales made on credit minus any returns or allowances, representing the actual amount expected to be collected from customers.

Horizontal Analysis

A financial analysis technique that compares historical financial data over a series of reporting periods to identify trends and changes.

Notes Receivable

Written promise (as evidenced by a formal instrument) for amounts to be received.