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Need these answered asap please. Also need breakdown on how you got answer please. Thank you....

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?

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Answer #1

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'.

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