For Period ending December 31, 2020
Midtown Toy Works operated in 2020 with the following facts:
	No new Common Stock was issued in 2020
	$ 300	Cash at the beginning of 2020
	$ 15,000	Revolving Line of Credit (RLOC) proceeds were received this year.
	RLOC proceeds have already been recorded in Cash and Revolving Line of Credit Payable.
	The RLOC is treated by Midtown Toy Works as a Current Liability.
	$ 22,500	Bank Loans repaid during this year
	Repayment of Bank Loans has already been recorded in Cash and Notes Payable.
	$ 11,350	Accounts Payable from 2019
	$ 6,350	Taxes Payable from 2019
	$ 46,500	Receivables from 2019
	$ 38,600	Inventory from 2019
	$ 1,000	Prepaid Expenses from 2019
	$ 67,000	Equipment from 2019

What are the TOTAL LIABILITIES as reported in the Balance Sheet tab of your completed spreadsheet?

Group of answer choices

$70,940

$66,940

$68,940

$65,500