Ceramic productions inc reports these accounts balances at January 1,2015 Accoun

Question

Ceramic productions inc reports these accounts balances at January 1,2015
Accounts payable- 31,000 Accounts receivable-23,000 Buildings -156,000 Capital stock- 188,000 Cash-16,000 Equipment 23,000 Land 83,000 Notes payable 27,000 Retained earnings 52,000
On January 5, ceramic products collected 15,000 of its accounts reported payable

On January 6 2015 total liabilities are
$0 $58000 284,000 44,000 Ceramic productions inc reports these accounts balances at January 1,2015
Accounts payable- 31,000 Accounts receivable-23,000 Buildings -156,000 Capital stock- 188,000 Cash-16,000 Equipment 23,000 Land 83,000 Notes payable 27,000 Retained earnings 52,000
On January 5, ceramic products collected 15,000 of its accounts reported payable

On January 6 2015 total liabilities are
$0 $58000 284,000 44,000
Accounts payable- 31,000 Accounts receivable-23,000 Buildings -156,000 Capital stock- 188,000 Cash-16,000 Equipment 23,000 Land 83,000 Notes payable 27,000 Retained earnings 52,000
On January 5, ceramic products collected 15,000 of its accounts reported payable

On January 6 2015 total liabilities are
$0 $58000 284,000 44,000

Explanation / Answer

The correct answer is $ 58,000.

Total liabilities = Accounts payable + notes payable = 31,000 + 27,000 = $ 58,000.

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