Montauk Oil Co reports these account balances at December 31, 2017 Accounts Payable $ 110,000 Land $ 200,000 Notes Payable $ 260,000 Equipment $ 160,000 Cash $ 80,000 Accounts Receivable $ 100,000 Buildings $ 240,000 Capital Stock $ 340,000 Retained Earnings $ 70,000 On January 2, 2018, Montauk Oil...

Montauk Oil Co. reports these account balances at December 31, 2017 Accounts Payable $ 110,000 Land $

Question:

Montauk Oil Co. reports these account balances at December 31, 2017 $ 110,000 Land $ 200,000 Notes Payable $ 260,000 Equipment $ 160,000 Cash $ 80,000 $ 100,000 Buildings $ 240,000 Capital Stock $ 340,000 Retained Earnings $ 70,000 On January 2, 2018, Montauk Oil collected $50,000 of its and paid $20,000 of its On January 3, 2018, total liabilities are:
a) $370,000.
b) $350,000.
c) $300,000.
d) $70,000.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...