Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical...
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Accounting
Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 19,000 Accounts Receivable 11,000 Buildings 144,000 Capital Stock 176,000 Cash 4,000 Equipment 11,000 Land 71,000 Notes Payable 15,000 Retained Earnings 40,000 On January 5, Year 2, Ceramic Products collected $3,000 of its accounts receivable and paid $2,000 on its note payable. On January 6, Year 2, total liabilities are: Multiple Choice $34,000. $32,000. $0. $248,000
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