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Sauron [17]
3 years ago
15

Consider the following information:

Business
1 answer:
sashaice [31]3 years ago
7 0

Answer: a. Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

Explanation:

Total Assets = Fixed assets + Current assets

Fixed assets = Building + Depreciation

= $150000 - ($30000)

= $120000

Current assets = Cash + Accounts Receivable + Office Supplies + Prepaid Insurance

= $10,000 + $7,000 + $2,000 + $3,000

= $22000

Total assets = $120000 + $22000 = $142000

Total Liabilities = Accounts Payable + Notes payable

= $5,000 + $30,000

= $35000

Owner's Equity: $107,000

Therefore, the answer is

Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

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