Homework Answers
Assets = Liabilities + Stockholders' equity
Cash + Accounts receivable = Accounts payable + Note payable + Common stock + Retained earnings
20,000 + Accounts receivable = 2,000 + 5,000 + 20,000 + 10,000
Accounts receivable = 2,000 + 5,000 + 20,000 + 10,000 - 20,000
= $17,000
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