Refer to the Following List of Liability Balances at December

question 207

Multiple Choice

Refer to the following list of liability balances at December 31,2019. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 15,000 \\\hline \text { Employee Health Insurance Payable } & 1150 \\\hline \text { Employee Income Tax Payable } & 600 \\\hline \text { Estimated Warranty Payable (Due 2020) } & 1400 \\\hline \text { Long-Term Notes Payable (Due 2022) } & 40,000 \\\hline \text { FICA-OASDI Taxes Payable } & 1060 \\\hline \text { Sales Tax Payable } & 670 \\\hline \text { Mortgage Payable (Due 2023) } & 15,000 \\\hline \text { Bonds Payable (Due 2024) } & 54,000 \\\hline \text { Current Portion of Long-Term Notes Payable } & 10,500 \\\hline\end{array}$$ What is the total amount of long-term liabilities?

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

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Definitions:

High School Yearbook

A publication compiled annually by students or staff, capturing memories, photographs, and articles related to the events and people of a specific school year.

Collusively

Involves cooperation among competing firms to control market prices or exclude new competitors, contrary to free market principles.

Economic Profits

The surplus remaining after subtracting total costs from total revenues, including both explicit and implicit costs.

Positive Economic Profits

Positive economic profits occur when a firm's total revenues exceed its total costs, inclusive of both explicit and implicit costs.