At December 31, 2006, Ryan had the following noncancelable personal commitments:
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Pledge to be paid to County Welfare Home thirty days after volunteers paint the walls and ceiling of the Home’s recreation room |
$ 5,000 |
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Pledge to be paid to City Hospital on the recovery of Ryan’s comatose sister |
$25,000 |
What amount should be included in liabilities in Ryan’s personal statement of financial condition at December 31, 2006?
- $0
- $ 5,000
- $25,000
- $30,000