MATHAWEE FAMILY DENTISTRY Balance Sheet January 1, 2020 Assets Liabilities & Owner's Equity Cash... $ 33,000 Liabilities: Accounts receivable.... 51,150 Accounts Payable........ $ 74,250 Land 313,500 Total Liabilities..... $ 74,250 Building. 371,250 Owner's Equity: Equipment.. 57.750 Capital Stock.. 752,400 Total assets. $826,650 Total liabilities & owner's equity $826,650 During the first few days of January, the following transaction occurred: Jan 1 Borrowed $99,000 from the bank, giving a note payable due in 90 days. Jan 3 Additional capital stock was issued in exchange for $44,550 cash. Jan 3 Equipment was purchased for $62,700 on credit Jan 5 Collected $26,400 of its accounts receivable and paid $37,950 of its payable. Indicate your answer to each of the following questions in the space provided. 23 On January 6, total assets of the business amount to: a) $1,059,200 b) $994,950 c) $1,021,350 d) $826,650 24 On January 6, owner's equity amount to: a) $752,400 b) $44,550 c) $796,950 d) $871,200 25 On January 6, the accounts payable balance is: 26 On January 6, the accounts receivable balance is: 27 On January 6, the cash balance is: 28 Which of the following does not describe accounting? a language of business bis an end rather than a means to an end c useful for decision making d used by external users