Census Company had the following accounts and balances at the end of the year.What are total liabilities at the end of the year?
A)$12,000.
B)$45,000.
C)$66,000.
D)$69,000.

Question

Census Company had the following accounts and balances at the end of the year.What are total liabilities at the end of the year? 
A)$12,000. 
B)$45,000. 
C)$66,000. 
D)$69,000.

Quizplus · Accepted Answer

The total liabilities can be calculated by adding the current liabilities (Accounts Payable: $14,000 and Salaries Payable: $2,000) and the long-term debt ($53,000). Therefore, the total liabilities at the end of the year are $14,000 + $2,000 + $53,000 = $69,000. Hence, the correct option is D.

Census Company Had the Following Accounts and Balances at the End