Based on this information alone,the amount of total liabilities appearing on Madison's 2016 balance sheet would be:
A)$24,720
B)$24,800
C)$25,920
D)$24,000

Question

Quizplus · Accepted Answer

Total liabilities are the sum of current liabilities and long-term liabilities. From the given information we know current liabilities are $14,720 and long-term liabilities are $10,080. Adding these two amounts gives us a total of $24,800 in liabilities on the balance sheet. Therefore, the correct answer is B.

Based on This Information Alone,the Amount of Total Liabilities Appearing