Ceramic Products,Inc.reports these account balances at January 1,2015 (shown in alphabetical order): On January 5,Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 6,2015,total liabilities are:

Question

Ceramic Products,Inc.reports these account balances at January 1,2015 (shown in alphabetical order):  On January 5,Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 6,2015,total liabilities are:

Quizplus · Accepted Answer

To find the total liabilities as of January 6, we need to take into account the collections and payments made from the January 1 balances. 
Starting with the liabilities: 
- We know there was a note payable of $20,000 (given by the balance sheet)
- On January 5, $11,000 was paid on this note payable, leaving a remaining balance of $9,000. 
- Therefore, the total liabilities at January 6 are $9,000. 
- There is no information given about any other liabilities (such as accounts payable), so we assume there are none. 
Therefore, the answer is D) $9,000. However, note that this is not one of the answer choices given, and the closest option is B) $30,000 which is incorrect.