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QUESTION INFORMATION: Newsome Company's classified balance sheet as of December 31, 2020 consists of the following five subtotals: Current assets Long-term assets Current liabilities Long-term
QUESTION INFORMATION: Newsome Company's classified balance sheet as of December 31, 2020 consists of the following five subtotals: Current assets Long-term assets Current liabilities Long-term liabilities Total equity $95 $195 $75 $65 $150 During January 2021, Newsome entered into exactly four transactions: 1. Made a sale on account, $55 (for providing services). 2. Paid accounts payable in cash, $35. 3. Recorded depreciation related to its long-term tangible assets, $30. 4. Accrued interest on a short-term note payable, $60. QUESTION TO ANSWER: After updating the classified balance sheet subtotals for the four January 2021 transactions, Newsome's total equity balance is $_
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