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:

The Bell Curve

A book that argues for the existence of a relationship between race, intelligence, and economic status, highly controversial for its interpretations of IQ data.

Cognitive Ability

Cognitive ability is the capacity of the brain to process, reason, remember, and relate information.

Biased

Showing an unreasonable preference or prejudice for or against something.

Span Memory

Also known as memory span, it refers to the longest list of items (like digits, letters, or words) that a person can remember and repeat in correct order after one presentation.