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Lithuanian Motors Has the Following Balance Sheet Accounts If the Company Has Total Assets of $288,000,what Is the l

Question 99

Multiple Choice

Lithuanian Motors has the following balance sheet accounts:
 Land $170,000 Equipment 66,000 Salaries Payable ? Notes Payable 88,000 Supplies 14,000 Cash 26,000 Common Stock 100,000 Retained Earnings 40,000 Accounts Payable ? Prepaid Rent 12,000\begin{array} { l c } \text { Land } & \$ 170,000 \\\text { Equipment } & 66,000 \\\text { Salaries Payable } & ? \\\text { Notes Payable } & 88,000 \\\text { Supplies } & 14,000 \\\text { Cash } & 26,000 \\\text { Common Stock } & 100,000 \\\text { Retained Earnings } & 40,000 \\\text { Accounts Payable } & ? \\\text { Prepaid Rent } & 12,000\end{array}
If the company has total assets of $288,000,what is the balance of the company's Salaries Payable account?


A) $15,000.
B) $25,000.
C) $12,000.
D) Cannot be determined given the information provideD.

Correct Answer:

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