The Balances of Select Accounts of McMurray Company as of December

question 199

Multiple Choice

The balances of select accounts of McMurray Company as of December 31,2018 are given below: $$\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,500 \\\hline \text { Salaries Payable } & 3,000 \\\hline \text { Notes Payable-long-term } & 23,000 \\\hline \text { Accounts Payable } & 3,000 \\\hline \text { Unearned Revenue } & 3,000 \\\hline \text { Interest Payable } & 2,400 \\\hline\end{array}$$ The Unearned Revenue is the amount of cash received for services to be rendered in January 2019.Interest Payable will be paid on February 5,2019.What are the total long-term liabilities shown on the balance sheet at December 31,2018?

• A) $1,500
• B) $3,000
• C) $6,000
• D) $23,000

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Definitions:

Inferential Statistics

Uses mathematical models, theories, and hypotheses to make predictions about a broader population based on observed sample data.

MANOVA

Multiple analysis of variance. This procedure is used when there are multiple dependent variables. See also ANOVA.

Multivariate Analysis

A statistical approach that examines the relationship between multiple variables in order to understand patterns and influences.

Statistical Significance

The probability that a computed statistic such as a t-test or correlation is not due to chance.