1. What are the company’s total liabilities?
2. What is the company’s total equity?
3. What are the company’s total assets?
Homework Answers
Answers
| Accounts Payable | $5,000 | |
| Accrued Expenses | $3,000 | |
| Short term notes payable | $7,000 | |
| TOTAL Liabilities | $15,000 | Answer #1 |
| Capital Stock | $8,000 | |
| Retained Earnings | $2,000 | |
| Total Equity | $10,000 | Answer #2 |
| Cash | $10,000 | |
| Accounts receivables | $15,000 | |
| Prepaid Expenses | $3,000 | |
| Supplies | $7,000 | |
| Long Term Notes receivables | $10,000 | |
| Accumulated Depreciation | ($2,000) | |
| Total Assets | $43,000 | Answer #3 |
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1. What are the company’s total liabilities?
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