The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts payable, S6,530. What is the amount of owner's equity? Your answer: O S37,720 O S21,500 O S44,430o $50,780

The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts payable, S6,530. What is the amount of owner's equity? Your answer: O S37,720 O S21,500 O S44,430o $50,780

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Description: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts receivable, $8,200; Supplies, $1,050;Land, $25,000; Accounts payable, S6,530. What is the amount of owner's equity? Your answer: O S37,720 O $21,500 O $44,43

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

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