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..............................???
- $8,000
- $95,000
- $22,000
- None of the above
Accounting
C. $22,000
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