Question
On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows: Cash, $10,000; Accounts Receivable, $8,200; Supplies, $1,050;
On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows: Cash, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts Payable, $6,530. What is the amount of owner's equity (Jim Chu's capital) as of November 1 of the current year?
I think it is 37,720
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao
14th edition
1337090581, 978-1337090582
