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Thompson Corporation currently has assets of $160,000, liabilities of $41,000, and equity of $119,000. If Thompson received $3,000 worth of services that it needed and
Thompson Corporation currently has assets of $160,000, liabilities of $41,000, and equity of $119,000. If Thompson received $3,000 worth of services that it needed and was billed for those services later, then how would assets, liabilities and equity look now?
A. | Assets = $160,000; Liabilities = $44,000; Equity = $116,000 | |
B. | no change in balances | |
C. | Assets = $157,000; Liabilities = $41,000; Equity = $116,000 | |
D. | Assets = $157,000; Liabilities = $38,000; Equity = $119,000 |
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