The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable. Cash 80,000 Accounts Receivable 30,000 Equipment 100,000 Accounts Payable ? Common Stock 60,000 Ending Retained Earnings 80,000 Using your knowledge, and the accounting equation, what is the amount of Accounts Payable
The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable. Cash 80,000 Accounts Receivable 30,000 Equipment 100,000 Accounts Payable ? Common Stock 60,000 Ending Retained Earnings 80,000 Using your knowledge, and the accounting equation, what is the amount of Accounts Payable
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 11CDQ: Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question:...
Related questions
Topic Video
Question
The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable.
Cash | 80,000 |
Accounts Receivable | 30,000 |
Equipment | 100,000 |
Accounts Payable | ? |
Common Stock | 60,000 |
Ending |
80,000 |
Using your knowledge, and the
Expert Solution
Step 1
An accounting equation is an important equation in accounting. According to the accounting equation, the total value of liabilities and equities is equal to the total value of assets.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning