Q:

Total liabilities equal:

0

Total liabilities equal:

Current Assets

Cash………………..$35000

Inventory……………???

Supplies……………….5000

Total Current Assets..........................................$50000

Property plant and equipment

Equipment...............................................................?????

Total Assets...............................................................?????

Current Liabilities

Account Payable........................................................7000

Long term Liabilities

Notes payable.............................................................15000

Total liabilities..............................................................????

Owner’s Equity

Owner’s Capital...............................................................???

 

Total Liabilities and owners equity..............................???


  1. $8,000
  2. $95,000
  3. $22,000
  4. None of the above

All Answers

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C. $22,000

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