The Balances of Select Accounts of McCarthy Company as of December

question 50

Multiple Choice

The balances of select accounts of McCarthy Company as of December 31,2016 are given below:

The Unearned Revenue is the amount of cash received for services to be rendered in January 2017.Interest Payable will be paid on February 5,2017.What are the total long-term liabilities shown on the balance sheet?

• A)$1,300
• B)$5,000
• C)$5,400
• D)$21,000

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Definitions:

Marginal Utility

The additional satisfaction or utility that a consumer receives from having one more unit of a good or service.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.