Question
Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest receivable 1,000 Inventory 60,000 Total current assets $151,000 Total
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Yes the difference between account payable and accounts receivable is required.
Is accounts payable larger or smaller than accounts receivable? What is the difference? What do the numbers indicate? Explain.
What does "equipment net of depreciation" mean?
Are payables short-term or long-term?
Determine total liabilities.
Determine net short-term assets or liabilities.
Determine the total amount owed by VWV at the end of the year.
How do we know that the above is a corporate (not a sole proprietor) balance sheet?
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