Following Is a List of Account Balances of Nabers Delivery

question 206

Multiple Choice

Following is a list of account balances of Nabers Delivery Services as of December 31,after the first year of operations. $$\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 4,000 \\\hline \text { Accounts Payable } & 7,000 \\\hline \text { Salaries Expense } & 7,000 \\\hline \text { Repairs Expense } & 700 \\\hline \text { Truck } & 12,000 \\\hline \text { Equipment } & 11,000 \\\hline \text { Notes Payable } & 8,200 \\\hline \text { Cash } & 7,300 \\\hline \text { Supplies Expense } & 1,300 \\\hline \text { Service Revenue } & 34,000 \\\hline \text { Gasoline Expense } & 3,000 \\\hline \text { Salaries Payable } & 300 \\\hline\end{array}$$ What is the amount of total liabilities at the end of the year?

• A) $15,500
• B) $27,500
• C) $24,500
• D) $15,200

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Definitions:

Personal

Relating to private individuals, their characteristics, or their circumstances without pertaining to their professional or public lives.

State And Local Income Taxes

Taxes imposed on income by state and/or local governments, varying greatly from one location to another.

General Sales Taxes

Taxes imposed on sales of goods and services, generally calculated as a percentage of the sales price.

Elect

To choose or decide upon a particular course of action, often used in the context of making tax-related decisions.