Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assets ...

Assets ...

80.2K

Verified Solution

Question

Accounting

Assets
Cash $ 36,000
Accounts receivable 525,000
Inventory 150,000
Total current assets 711,000
Equipment $ 540,000
Less accumulated depreciation 67,500
Equipment, net 472,500
Total assets $ 1,183,500
Liabilities and Equity
Accounts payable $ 360,000
Bank loan payable 15,000
Taxes payable (due 3/15/2014) 90,000
Total liabilities $ 465,000
Common stock 472,500
Retained earnings 246,000
Total stockholders

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students