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ABC Company Statement of Financial Position December 31, 2018 Cash Accounts Receivable 40,000 Prepaid Expenses Equipment, net Total Assets 10,000 100,000 ? Accounts Payable Notes Payable Capital Total Liabilities & Equity 20,000 ? ? ?

ABC Company Statement of Financial Position December 31, 2018 Cash Accounts Receivable 40,000 Prepaid Expenses Equipment, net Total Assets 10,000 100,000 ? Accounts Payable Notes Payable Capital Total Liabilities & Equity 20,000 ? ? ?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 53E: Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid...
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ASSETS = LIABILITIES + EQUITY

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If equipment, net is 50% of total assets and capital is one-half of notes payable, how much is total liabilities?

ABC Company Statement of Financial Position December 31, 2018 Cash ? Accounts Receivable 40,000 Prepaid Expenses Equipment, net 10,000 100,000 Total Assets ? Accounts Payable Notes Payable Capital Total Liabilities & Equity 20,000 ? ?
Transcribed Image Text:ABC Company Statement of Financial Position December 31, 2018 Cash ? Accounts Receivable 40,000 Prepaid Expenses Equipment, net 10,000 100,000 Total Assets ? Accounts Payable Notes Payable Capital Total Liabilities & Equity 20,000 ? ?
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