Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $350,000 Accounts Payable $120,000 Accounts Receivable $220,000 Notes Payable $180,000 Inventory $240,000 Long-term Debt $350,000 Equipment
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $350,000 | Accounts Payable | $120,000 |
Accounts Receivable | $220,000 | Notes Payable | $180,000 |
Inventory | $240,000 | Long-term Debt | $350,000 |
Equipment | $700,000 | Shareholders' Equity | $950,000 |
Determine the total assets and total liabilities & equity based on the given balance sheet.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
