Please refer to the following list of liability balances. What is the total amount of long-term liabilities?

Name: Please refer to the following list of liability balances. What is the total amount of long-term liabilities?
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Question

Please refer to the following list of liability balances.  What is the total amount of long-term liabilities?

Quizplus · Accepted Answer

The long-term liabilities include notes payable ($44,000), bonds payable ($40,000), and deferred income taxes ($2,000), which add up to $86,000. Therefore, option B is correct. The other options include incorrect total amounts for the long-term liabilities.

Please Refer to the Following List of Liability Balances