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The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000

The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000
Transcribed Image Text:The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000
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