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The following assets are shown on the Company's balance sheet: Cash = $20,000 Accounts receivable = $15,000 Supplies = $2,675 Equipment = $89,057 Accumulated depreciation - equipment = $36,800
The following assets are shown on the Company's balance sheet:
Cash = $20,000
Accounts receivable = $15,000
Supplies = $2,675
Equipment = $89,057
Accumulated depreciation - equipment = $36,800.
If equity equals $82,000, what do liabilities equal?
Expert Solution
Total Asset = 20,000 + 15,000 + 2,675 + 89,057 - 36,800 = $89,932
Total Liabilities = ?
Total Equity = $82,000
We know,
Total Assets = Total Liabilities + Total Equity
89,932 = Total Liabilities + 82,000
89,932 - 82,000 = Total Liabilties
Total Liabilites = $7,932
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