Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $500,000 Accounts Payable $180,000 Accounts Receivable $300,000 Notes Payable $240,000 Inventory $300,000 Long-term Debt $500,000 Equipment
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $500,000 | Accounts Payable | $180,000 |
Accounts Receivable | $300,000 | Notes Payable | $240,000 |
Inventory | $300,000 | Long-term Debt | $500,000 |
Equipment | $1,000,000 | Shareholders' Equity | $1,350,000 |
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
