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Indirect Oil Co. reports these account balances at December 31, 2014 accounts payable 55,000 land 100,000 notes payable 130,000 Equip. 80,000 CAsh 40,000 accounts receivable
Indirect Oil Co. reports these account balances at December 31, 2014
accounts payable 55,000
land 100,000
notes payable 130,000
Equip. 80,000
CAsh 40,000
accounts receivable 50,000
building 120,00
capital stock 170,000
retained earning 35,000
On January 2, 2015, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable. On January 3, 2015, total liabilities are:
1.$185,000.2.$165,000.3.$150,000.4.$70,000.
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