Below is a list of various balance sheet accounts and their balances. Debit Credit
$\begin{array}{|l|r|r|}
\hline \text { Notes payable-short term } & & \$ 800 \
\hline \text { Salary payable } & & 3,600 \
\hline \text { Notes payable-long term } & & 20,000 \
\hline \text { Accounts payable } & & 2,200 \
\hline \text { Unearned revenue } & & 1,000 \
\hline \text { Interest payable } & & 2,200\\hline
\end{array}$ What are the total long-term liabilities that would be shown on the balance sheet?
A) $29,800
B) $9,000
C) $9,800
D) $20,000

Question

Below is a list of various balance sheet accounts and their balances. Debit Credit
$\begin{array}{|l|r|r|}
\hline \text { Notes payable-short term } & & \$ 800 \
\hline \text { Salary payable } & & 3,600 \
\hline \text { Notes payable-long term } & & 20,000 \
\hline \text { Accounts payable } & & 2,200 \
\hline \text { Unearned revenue } & & 1,000 \
\hline \text { Interest payable } & & 2,200\\hline 
\end{array}$ What are the total long-term liabilities that would be shown on the balance sheet?
A) $29,800
B) $9,000
C) $9,800
D) $20,000

Quizplus · Accepted Answer

The total long-term liabilities shown on the balance sheet would only include the "Notes payable-long term" account, which has a balance of $20,000. The other accounts listed are either short-term liabilities or not liabilities at all.

Below Is a List of Various Balance Sheet Accounts and Their