15. Montauk Oil Co. reports these account balances at December 31, 2014
Accounts Payable
Land.
Notes Payable.
Equipment.
Cash
Accounts Receivable.
Buildings.
Capital Stock.
Retained Earnings.
$110,000
$200,000
$260,000
$160,000
$80,000
$100,000
$240,000
$340,000
$70,000
On January 2, 2015, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts
payable. On January 3, 2015, total liabilities are:
A. $370,000.
B. $350,000.
C. $300,000.
D. $70,000.