49. Which of the following is NOT an account title for liabilities? Answers: a. Advances to suppliers b. Advances from tenants c. Rent received in advance d. Advances from customers 50. On December 31 of Year 1, XYZ Company reported total shareholders equity of $225,000, of which $180,000 represented contributed capital. If revenues, expenses, and dividends during Year 2 were $500,000, $420,000, and $30,000 respectively and the total shareholders equity is $290,000 on December 31 of Year 2 how much additional capital was contributed by shareholders? Answers: a. $15,000 b. $40,000 c. $65,000 d. $205,000 51. Which of the following options would NOT be classified as a current liability account? Answers: a. Accounts Payable b. Interest Payable c. Rent Received in Advance d. All of the above are current liability accounts 52. The amount of income tax postponed for payments to future years is called ________________. Answers: a. Deferred Income Taxes b. Deferred Income c. Unearned Revenue d. Advances to Suppliers 53. Insurance premiums paid for future coverage are called ______________. Answers: a. Deferred Income b. Deferred Income taxes c. Prepaid Insurance d. Unearned Revenue