Consider the following items:

Land

Accounts Receivable

Notes Payable (due in three years)

Accounts Payable

Retained Earnings

Prepaid Rent

Deferred Revenue

Buildings

Notes Payable (due in six months)

Equipment

How many of the items listed above are generally long-term assets?

A) Two.

B) Three.

C) Four.

D) Five.

Answer: B

Finnish Motors has the following balance sheet accounts:

Land $ 150,000

Equipment 90,000

Salaries Payable 12,000

Notes Payable 99,000

Supplies 10,000

Cash 25,000

Common Stock 40,000

Retained Earnings 100,000

Accounts Payable ?

Prepaid Rent ?

If the company has total assets of $290,000, what is the balance of the company's Accounts Payable account?

A) $15,000.

B) $25,000.

C) $12,000.

D) $39,000.

Answer: D