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(92) At December 31, 2011 the accounting records of Mathis, Inc. contain the following: Accounts payable...

(92) At December 31, 2011 the accounting records of Mathis, Inc. contain the following:

Accounts payable 2,500

land 30,000

building 31,250

notes payable ?

retained earnings 125,000

accounts receivable 18,750

cash ?

equipment 40,000

capital stock 12,500

Refer to the above data. If Notes Payable is $10,000, after inserting this information into the accounting equation, the December 31, 2011 cash balance is: A. $ 30,000. B. $ 50,000.C. $ 60,000.D. $130,000.

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Answer #1
Liabilities Amount Assets Amount
Accounts Payable 2500 Land 30000
Accounts Payable 2500 Land 30000
Retained Earnings 125000 Building 31250
Capital Stock 12500 Accounts Receivable 18750
Notes Payable 10000 Equipment 40000
Cash 30000
(Bal fig)
Total Liabilities 150000 Total Assets 150000

Answer:

Cash $ 30,000

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