Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year.
SABINO FAMILY DENTISTRY
Balance Sheet
January 1, 20__
Assets | Liabilities & Stockholders’ Equity | ||
Cash Accounts receivable Land Building Equipment Total assets | $ 33,000 `51,150 313,500 371,250 57,750 $826,650 | Liabilities: Accounts payable Total liabilities |
|
$ 74,250 $ 74,250 | |||
Owners’ equity: Capital stock |
| ||
752,400 | |||
Total liabilities and owners’ equity | $826,250 | ||
During the first few days of January, the following transactions occurred:
Jan 1 The business borrowed $99,000 from the bank, giving a note payable due in 90 days.
3 Additional capital stock was issued in exchange for $44,550 cash.
3 Equipment was purchased for $62,700 on credit.
5 The business collected $26,400 of its accounts receivable and paid off $37,950 of its accounts payable.
Indicate your answer to each of the following questions in the space provided.
3 On January 6, the accounts payable balance is:
a $136,950.
b $36,300.
c $24,750.
d $99,000.
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