The question is incomplete. The complete question is as follows,
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:
Accounts Payable 2500
Land 30000
Building 31250
Notes Payable ?
Retained earnings 125000
Accounts Receivable 18750
Cash ?
Equipment 40000
Capital Stock 12500
If the Notes Payable is $10,000, the December 31, 2011 cash balance is:
Answer:
Cash = $30000
Explanation:
The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,
Total Assets = Total Liabilities + Total Equity
So,
(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)
120000 + Cash = 12500 + 137500
Cash = 150000 - 120000
Cash = $30000
This is also known as the three duties towards the customer DAD Dealing with Honesty. Accounting for all funds and Disclosing the material facts to the buyer.
<h3>Who is a buyer?</h3>
A buyer is a customer who purchases the goods and or services of a company through which the company generates the revenue and earn profits. The buyer plays a key role in the development and running of a company.
The buyer should be allowed to have all the information about the product or service it is going to purchase, the buyer should be informed about the market rates and the demand of the goods as this is a material fact about the product.
Therefore it is a duty that a seller owes to the buyer to deal with honesty that is not charging high price if they are unaware of the price of the product.
Learn more about Buyer at brainly.com/question/27282505
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Tortilla chips are most likely Convenience <span>products since they are purchased with little shopping effort.
Convenience products refer to the type of products that bought by the customers without proper plannings Usually these type of products are cheap, fast to consume, and ordered in a pretty large quantity., </span>
The aspect of the SMART goal that is missing is that of TARGET DATE.
SMART goals refers to goals that are Specific, Measurable, Attainable, Result oriented and Time bound. The aspect of the time bound was not included in the scenario given in the question.
