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Bil has the following on his balance sheet: Accounts payable of $1,600 A bank loan of $12,000 Cash of $3,000 A car that was purchased
Bil has the following on his balance sheet:
Accounts payable of $1,600
A bank loan of $12,000
Cash of $3,000
A car that was purchased for $20,000 and has an accumulated depreciation balance of $5,000
Accounts receivable balance of $4,400 Bill's equity is
Select one: a) $8,800 X b) $22,400 c) $18,800 d) $13,600
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