Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $160,000 Accounts Payable $50,000 Accounts Receivable $120,000 Notes Payable $60,000 Inventory $140,000 Long-term Debt $180,000 Equipment
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $160,000 | Accounts Payable | $50,000 |
Accounts Receivable | $120,000 | Notes Payable | $60,000 |
Inventory | $140,000 | Long-term Debt | $180,000 |
Equipment | $350,000 | Shareholders' Equity | $450,000 |
Determine the total assets and total liabilities & equity based on the given balance sheet.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
978-0078111044
