QUESTION 31

1. Houston has the following balances, all of which are normal.

   Accounts payable		$14,000
   Accounts receivable		9,000
   Cash		22,000
   Common stock		25,000
   Deferred revenue		6,000
   Equipment		72,000
   Interest payable		7,000
   Notes payable (due in 18 months)		35,000
   Retained earnings		52,000
   Supplies		37,000

   Total current liabilities are:

   	A.	$62,000.
   	B.	$45,000.
   	C.	$27,000.
   	D.	$21,000.