Lithuanian Motors Has the Following Balance Sheet Accounts: Land $170,000

question 143

Multiple Choice

Lithuanian Motors has the following balance sheet accounts: Land $170,000
Equipment 66,000
Salaries Payable ?
Notes Payable 88,000
Supplies 14,000
Cash 26,000
Common Stock 100,000
Retained Earnings 40,000
Accounts Payable ?
Prepaid Rent 12,000
If the company has total assets of $288,000,what is the balance of the company's Salaries Payable account?

• A)$15,000.
• B)$25,000.
• C)$12,000.
• D)Cannot be determined given the information provided.

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Definitions:

Decision Usefulness

The quality of financial information that helps users make informed decisions regarding investment, credit, and similar activities.

General Objective

The overarching, broad goal that guides decision making and strategy within an organization or project.

Derived External User Objective

A goal or requirement for financial information that is created based on the needs of external users of financial statements.

Derived Company Objective

Strategic goals or intentions that are developed based on an analysis of a company's environment and internal capabilities.