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Below is the balance sheet for Abbot Box Company, Inc.: Abbot Box Company, Inc. Balance Sheet December 31, 2017 ASSETS LIABILITIES Cash $ 8,000 Accounts
Below is the balance sheet for Abbot Box Company, Inc.:
Abbot Box Company, Inc. | |||||
Balance Sheet | |||||
December 31, 2017 | |||||
ASSETS | LIABILITIES | ||||
Cash | $ 8,000 | Accounts payable |
| $16,000 | |
Accounts receivable | 1,000 |
|
|
| |
Land | 14,000 | STOCKHOLDERS EQUITY | |||
Building | 44,000 | Common stock | $40,000 |
| |
Equipment (Net) | 13,000 | Retained earnings | 24,000 |
| |
|
| Total stockholders' equity | 64,000 | ||
| |||||
|
| Total liabilities and |
| ||
Total assets | $80,000 |
| stockholders' equity | $80,000 |
If the balance in the Cash account was used to buy more equipment, then the total assets would
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