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Below is the balance sheet for Abbot Box Company, Inc.: ...

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Question

Accounting

Below is the balance sheet for Abbot Box Company, Inc.:

Abbot Box Company, Inc.

Balance Sheet

December 31, 2017

ASSETS

LIABILITIES

Cash

$ 8,000

Accounts payable

$16,000

Accounts receivable

1,000

Land

14,000

STOCKHOLDERS EQUITY

Building

44,000

Common stock

$40,000

Equipment (Net)

13,000

Retained earnings

24,000

Total stockholders' equity

64,000

Total liabilities and

Total assets

$80,000

stockholders' equity

$80,000

If the balance in the Cash account was used to buy more equipment, then the total assets would

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