1. What is the total equity of the Ackerman Limousine Service?2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? For questions 5-7, use the following balance sheet.Ackerman Limousine ServiceBalance SheetDecember31, 2020AssetsCashP 16,000Accounts Receivable2,500Automobile Supplies1,200Limousines38,000Total AssetP 57.700Liabilities and CapitalAccounts PayableP 3,200Notes Payable30,350Total LiabilitiesP 33,550Mikasa Ackerman, Capital24,150Total Liabilities and CapitalP.57.700

The investment made by the owner is recorded as capital in the balance sheet.

Answered: What is the total equity of the…

What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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