Reference no: EM132998816

Problem 1: On a Balance Sheet, Inventory is generally categorized as a .

Group of answer choices

Option 1: long-term asset

Option 2: notes payable

Option 3: current asset

Option 4: equipment

Problem 2: Information found on any one of the major financial statements.

Group of answer choices

Option 1: comes exclusively (only) from one of the other major financial statements

Option 2: is almost always untrue and should be viewed with suspicion

Option 3: is often linked in some way to the other financial statements

Option 4: is provided to a company by the IRS

Problem 3: Calculate a company's total liabilities based on the following data from its balance sheet: cash $250,000; accounts payable $100,000; inventory $75,000; notes payable $300,000; long-term debt $500,000; accounts receivable $150,000.

Group of answer choices

Option 1: $1,225,000

Option 2: $800,000

Option 3: $1,150,000

Option 4: $900,000