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1. Use your knowledge of balance sheets to complete the following abbreviated balance sheet. Assets Current assets Noncurrent assets $80,000 120,000 60,000 Liabilities Current liab.

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1. Use your knowledge of balance sheets to complete the following abbreviated balance sheet. Assets Current assets Noncurrent assets $80,000 120,000 60,000 Liabilities Current liab. Noncurrent liab. Total liabilities Owner equity Total liabilities plus owner equity 100,000 Total assets Total assets Total liabilities Current liabilities = Total liabilities plus owner equity

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