Correct answer---- (c) $123000 and 31000
Asset |
Liability |
|
Cash |
$ 2,000.00 |
|
Accounts payables |
$ 31,000.00 |
|
Accounts Receivables |
$ 41,000.00 |
|
Inventory |
$ 30,000.00 |
|
Land |
$ 50,000.00 |
|
Total |
$ 1,23,000.00 |
$ 31,000.00 |
Requirement 2
Item |
Term |
a |
Net income |
b |
Financial Accounting |
c |
Managerial accounting |
d |
Ethical duties |
e |
Revenues |
f |
Limited liability |
g |
Liability |
h |
Expenses |
i |
Proprietorship |
j |
Historical cost principle |
k |
Bookkeeping |
l |
Balance sheet |
m |
Assets |
n |
Investors and creditors |
o |
Income statement |
p |
Statement of cash flows |
q |
Partnership |
r |
Equity |
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable...
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