Leary Corporation's end-of-year balance sheet consisted of the following amounts: ? $\begin{array} { l r l r } \text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 46,000 \\\text { Property, plant \& equipment } & 69,000 & \text { Long-term debt } & 41,000 \\\text { Capital stock } & 107,000 & \text { Accounts payable } & 22,000 \\\text { Retained earnings } & ? & \text { Inventory } & 33,000\end{array}$ ?
What is Leary's total liabilities balance at the end of the current year?

Question

Leary Corporation's end-of-year balance sheet consisted of the following amounts: ?

\begin{array} { l r l r } \text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 46,000 \\\text { Property, plant \& equipment } & 69,000 & \text { Long-term debt } & 41,000 \\\text { Capital stock } & 107,000 & \text { Accounts payable } & 22,000 \\\text { Retained earnings } & ? & \text { Inventory } & 33,000\end{array}

?
What is Leary's total liabilities balance at the end of the current year?

Quizplus · Accepted Answer

Total liabilities for Leary Corporation include long-term debt and accounts payable, which sum up to $41,000 + $22,000 = $63,000.

Leary Corporation's End-Of-Year Balance Sheet Consisted of the Following Amounts