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Test: CPA Financial Accounting and Reporting (FAR)
1. | Company A reports the following account balances: Cash of $12,000; accounts receivable of $20,000; inventory of $15,000; property, plant, and equipment of $40,000; accumulated depreciation of $24,000; accounts payable of $5,000; accrued expenses of $6,000; short term notes payable of $7,000; long term notes of $10,000, and capital stock of $20,000. What were Company A's total liabilities? |
$28,000
$48,000
$72,000
$52,000
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