Accounts for ABC are as follows: Cash $4,000 Overdraft 11,000 Creditors 3,000 Inventory 2,700 Debtors 8,100 Furniture 4,500 Loan payable 15,000 Car 12,000 Equity is?

Accounting Dec 16, 2020

Accounts for ABC are as follows:

Cash	$4,000
Overdraft	11,000
Creditors	3,000
Inventory	2,700
Debtors	8,100
Furniture	4,500
Loan payable	15,000
Car	12,000

Equity is?

Expert Solution

Equity is $2,300, computed as follows:

Cash	$4,000
Inventory	2,700
Debtors	8,100
Furniture	4,500
Car	12,000
Total Assets	$31,300
Less: Total Liabilities
Overdraft	11,000
Creditors	3,000
Loan payable	15,000
Total Liabilities	$29,000

Equity	$2,300

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