St. Clair Motor Supplies had the following transactions during December: • Paid a $17,000 note due...
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Accounting
- St. Clair Motor Supplies had the following transactions during December:
- • Paid a $17,000 note due since March plus $425 in interest.
- • Sold $36,525 of merchandise to customers on account. The cost of goods sold was $21,250.
- • Paid accounts payable of $2,050.
- As a result of these transactions, at the end of the year, what would be the balance of liabilities and shareholders' equity?
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