Janice Thorpe owns Grinds Coffee House, near the campus of Western Community College. The company has cash

Question:

Janice Thorpe owns Grinds Coffee House, near the campus of Western Community College. The company has cash of $18,000 and furniture that cost $40,000. Debts include accounts payable of $7,000 and a $30,000 note payable. Write the accounting equation of Grinds Coffee House. What is the owner's equity of the company?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...