A company's trial balance included the following account balances:   Accounts Payable $ 19,347 Accounts Receivable 81,476 Cash 73,464 Income Tax Payable 3,652 Inventory 25,956 Notes Payable, due in two years 1,849 Equipment 55,528 Stockholders’ Equity 204,208 Supplies

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 7DQ
icon
Related questions
Question

2

A company's trial balance included the following account balances:
 

Accounts Payable $ 19,347
Accounts Receivable 81,476
Cash 73,464
Income Tax Payable 3,652
Inventory 25,956
Notes Payable, due in two years 1,849
Equipment 55,528
Stockholders’ Equity 204,208
Supplies 5,652
Wages Payable 13,020
 

What is the amount of Total Liabilities on the Balance Sheet?

 

Multiple Choice
  •  
    $119,344
  •  
    $37,868
  •  
    $242,076
  •  
    $63,824
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Administration and Procedures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage