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1. Received a student loan of $5,100. Opening Balances Assets Liabilities Cash $6,000 Unpaid Accounts $1,900 Investment $7,500 Bank Loan $1,900 Contents of Home $7,000
1. Received a student loan of $5,100.
Opening Balances
| Assets | Liabilities | ||
| Cash | $6,000 | Unpaid Accounts | $1,900 |
| Investment | $7,500 | Bank Loan | $1,900 |
| Contents of Home | $7,000 | Automobile Loan | $5,300 |
| Automobile | $17,200 | Student Loan | $6,000 |
| House | $89,700 | Mortgage | $54,500 |
| Total Liabilities | $69,600 | ||
| Net Worth | $57,800 | ||
| Total Assets | $127,400 | Liabilities + Net Worth | $127,400 |
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
