Volta Electronics Inc. reported the following items on its December 31, 2014, trial balance:
Accounts Payable .................................... $108,900
Advances to Employees ............................... 4,500
Unearned Rent Revenue ............................... 28,800
Estimated Liability Under Warranties ................ 25,800
Cash Surrender Value of Officers’ Life Insurance .... 7,500
Bonds Payable ....................................... 555,000
Discount on Bonds Payable ........................... 22,500
Trademarks .......................................... 3,900
The amount that should be recorded on Volta’s balance sheet as total liabilities is
a. $696,000.
b. $741,000.
c. $703,500.
d. $700,500.