Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $50,000 Accounts Payable $20,000 Accounts Receivable $30,000 Notes Payable $15,000 Inventory $40,000 Long-term Debt $50,000 Equipment
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $50,000 | Accounts Payable | $20,000 |
Accounts Receivable | $30,000 | Notes Payable | $15,000 |
Inventory | $40,000 | Long-term Debt | $50,000 |
Equipment | $100,000 | Shareholders' Equity | $125,000 |
Calculate the total assets and total liabilities & equity based on the provided balance sheet.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
