Refer to the following list of liability balances at December 31, 2019. Accounts Payable $13,000 Employee...

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Refer to the following list of liability balances at December 31, 2019. Accounts Payable $13,000 Employee Health Insurance Pa Metro Services, Inc. reported the following information for the year 2019. Based on the following information, calculate the

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Answer 1

Answer #1

Ans. 1	Option B $108,000

	Explanations and Calculations: If liabilities due within one year, then these are considered as
	current liabilities. On the other hand, if liabilities are due after one then these liablities are known
	as long term liabilities.

	Particulars	Amount
	Long term notes payable (Due 2022)	$41,000
	Mortgage payable (Due 2023)	$8,000
	Bonds payable (Due 2024)	$59,000
	Long term liabilities (Total)	$108,000

Ans. 2	Option B 17.08%

	Return on total assets = (Net income + Interest expenses) / Average assets * 100
	($66,100 + $27,600) / $548,500 * 100
	$93,700 / $548,500 * 100
	17.08%

	*Average assets = (Beginning assets + Ending assets) / 2
	($514,000 + $583,000) / 2
	$548,500

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Answer 2

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