Below is a list of various balance sheet accounts and their balances. What are the total long-term liabilities that would be shown on the balance sheet?

Question

Below is a list of various balance sheet accounts and their balances.  What are the total long-term liabilities that would be shown on the balance sheet?

Quizplus · Accepted Answer

Only the long-term liabilities are relevant for this question. The long-term notes payable account has a balance of $20,000, which is the only long-term liability account listed. Therefore, the total long-term liabilities that would be shown on the balance sheet is $20,000.

Below Is a List of Various Balance Sheet Accounts and Their