Need these answered asap please. Also need breakdown on how you got answer please. Thank you.
1.
(a) If cash is $7,438, accounts receivable is $13,032,notes payable is $6,218, common stock is $2,638 how much is stockholder's equity?_____________
(b)The account "Notes Payable" is classified as what type of account?
Requirement (a):
Answer: $14,252
Explanations:
Cash | $7,438 |
Accounts receivable | $13,032 |
Total Assets | $20,470 |
Notes payable | $6,218 |
Total liabilities | $6,218 |
Total Assets | $20,470 |
(-)Total liabilities | ($6,218) |
Stockholder's Equity | $14,252 |
Requirement (b):
Answer: Liability account
Explanation:
The account "Notes Payable" is classified as 'Liability account'.
Need these answered asap please. Also need breakdown on how you got answer please. Thank you....
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