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Checked Balance Sheet ...

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Question

Accounting

Checked

Balance Sheet

Test 21

Hats Inc. owes supplier Sandy this much for straw:

4,630

Customer Chuck owes this much for hats he bought:

710

Hat's Inc. owes this much on a short-term bank loan:

1,260

Hat's Inc. owes this much of long-term debt:

7,300

Hat's Inc. has this much in its checking account:

4,130

Hat's Inc. has the following items on its shelves, which it will sell:

Number

Historical Cost

Blue item

400

41

Red item

700

26

Hat's Inc. also has the following items which it won't sell:

Historical

Accumulated

Cost

Deprecation

Computer

620

320

Please answer the following question:

2. What is the Net Worth (Stockholder's Equity) of Hat's Inc.?

A Between 8,000 and 15,000

B Between 15,000 and 20,000

C Between 20,000 and 25,000

D Between 25,000 and 32,000

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