Refer to the Following List of Liability Balances at December

question 169

Multiple Choice

Refer to the following list of liability balances at December 31,2019.

What is the total amount of long-term liabilities?

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

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Definitions:

Economic Duress

A situation where one party is forced into a contract or agreement under the pressure of financial hardships, often exploiting that party’s vulnerable position.

Business Compulsion

A scenario where a business is forced to make a decision or take an action due to external pressures or unavoidable circumstances.

Fraud

Involves intentionally deceiving someone for personal gain or to damage another individual.

Undue Influence

An improper use of power or manipulation by one person over another, leading to an unfair advantage or agreement.