TOPIC SUMMARY ASSETS = LIABILITIES + EQUITY ABC Company Statement of Financial Position December 31, 2018 Cash Accounts Receivable Prepaid Expenses Equipment, net Total Assets ? 40,000 10,000 100,000 ? n. Accounts Payable Notes Payable Capital Total Liabilities & Equity 20,000 ? ? ? (ADOPTED) ANSWER THE FOLLOWING INDEPENDENT QUESTIONS (SHOW COMPUTATION): 1. If cash amounted to 50,000, how much is total liabilities and equity? 2. If total liabilities and equity amounted to 220,000, how much is cash? 3. If cash amounted to 30,000 and capital amounted to 60,000, how much are the notes payable? 4. If accounts receivable are 25 percent of the total assets and notes payable are 1.5 times of accounts payable, how much is capital? 5. If accounts payable are 12.5 percent of total assets, and capital is twice as much as accounts payable, how much are the notes payable? 6. If equipment, net is 50% of total assets and capital is one-half of notes payable, how much is total liabilities