The closing balance of Jubilee Traders Inc.’s trial balance is as follows:
Item Amount
Inventory 19,000
Bonds Payable 14,500
Patents 220,000
Land 80,000
Loan Payable 26,500
Cash 7,000
Equipment 150,000
Goodwill 105,000
Notes Payable 10,000
Wages Payable 14,000
Common Stock 85,000
Accounts Receivable 13,500
What is the total of the liabilities of the company?
A.
$25,500
B.
$36,500
C.
$38,500
D.
$65,000
E.
$28,500