The Following Financial Information Is from Bronco Company What Is the Amount of Current Liabilities?
A)$63,000

question 9

Multiple Choice

The following financial information is from Bronco Company.All debt is due within one year unless stated otherwise.
$$\begin{array} { | l | r | } \hline \text { Retained Earnings } & \$ 52,000 \\\hline \text { Supplies } & 37,000 \\\hline \text { Equipment } & 72,000 \\\hline \text { Accounts Receivable } & 8,600 \\\hline \text { Unearned Revenue } & 6,000 \\\hline \text { Accounts Payable } & 15,000 \\\hline \text { Common Stock } & 25,000 \\\hline \text { Notes Payable (due in 18 months) } & 35,000 \\\hline \text { Interest Payable } & 7,000 \\\hline \text { Cash } & 22,400 \\\hline\end{array}$$
What is the amount of current liabilities?

• A)$63,000.
• B)$28,000.
• C)$45,600.
• D)$22,000.

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Definitions:

Pools

Agreements between companies in the same industry to fix prices and divide markets among themselves, often to avoid competition and increase profitability.

Interstate Commerce Act

A United States federal law that was designed to regulate the railroad industry and its monopolistic practices by requiring reasonable and just rates with no discrimination.

Sherman Anti-Trust Act

A landmark federal statute in the United States passed in 1890 that prohibits monopolistic business practices and promotes competition in the marketplace.

Restraint of Trade

Legal terminology referring to practices or agreements that restrict competition, often regulated to protect economic fairness.