Fill This Form To Receive Instant Help
Homework answers / question archive / Mercury, Inc reports the following assets and liabilities
Mercury, Inc reports the following assets and liabilities. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)).
Cash | $67,000 |
---|---|
Accounts Payable | 13,000 |
Supplies | 2,800 |
Loan Payable | 9,000 |
Inventory | 12,000 |
Accounts Receivable | 15,000 |
Equipment | 25,000 |
The answer is Assets = $121,800; Liabilities = $22,000 and Shareholder's Equity = $99,800
Amount | |
---|---|
Cash | $67,000 |
Supplies | 2,800 |
Inventory | 12,000 |
Accounts Receivable | 15,000 |
Equipment | 25,000 |
Total Assets | $121,800 |
Amount | |
---|---|
Accounts Payable | $13,000 |
Loan Payable | 9,000 |
Total Liabilities | $22,000 |
Amount | |
---|---|
Total Assets | $121,800 |
Less: Total Liabilities | 22,000 |
Total Shareholder's Equity | $99,800 |