The following financial information is from Bronco Company. All debt is due within one year unless stated otherwise.
Retained Earnings $ 52,000
Supplies 37,000
Equipment 72,000
Accounts Receivable 8,600
Deferred Revenue 6,000
Accounts Payable 15,000
Common Stock 25,000
Notes Payable (due in 18 months) 35,000
Interest Payable 7,000
Cash 22,400
What is the amount of current liabilities?
A) $63,000.
B) $28,000.
C) $45,600.
D) $22,000.
Answer: B
The Deferred Revenue account is shown in which statement?
A) Income statement.
B) Statement of cash flows.
C) Balance sheet.
D) Statement of stockholders' equity.
Answer: C
Which of the following are reported as stockholders' equity in a classified balance sheet?
A) Debits and Credits.
B) Revenues and Expenses.
C) Common Stock and Retained Earnings.
D) Assets and Liabilities.
Answer: C
