Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following information: Cash: $ 1 0 , 0 0 0 Accounts Receivable: $ 7 , 0 0 0 Office Supplies: $ 2 ,

Consider the following information:
Cash: $10,000
Accounts Receivable: $7,000
Office Supplies: $2,000
Prepaid Insurance: $3,000
Buildings: $150,000
Accumulated Depreciation: ($30,000)
Accounts Payable: $5,000
Notes Payable: $30,000
Owner's Equity: $107,000
From the above set of data, what is the total for assets, liabilities, and equity?
a.)
Total Assets: $172,000
Total Liabilities: $35,000
Total Equity: $137,000
b.)
Total Assets: $142,000
Total Liabilities: $35,000
Total Equity: $107,000
c.)
Total Assets: $167,000
Total Liabilities: $30,000
Total Equity: $137,000
d.)
Total Assets: $152,000
Total Liabilities: $35,000
Total Equity: $117,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Beyond Agile Auditing Three Core Components To Revolutionize Your Internal Audit Practices

Authors: Clarissa Lucas

1st Edition

1950508676, 978-1950508679

More Books

Students also viewed these Accounting questions

Question

What is the principle of vernier calipers?

Answered: 1 week ago