The accounts payable for a company is 70% of the total liabilities, while the remainder (30%) is notes payable

Accounting Jan 28, 2022

The accounts payable for a company is 70% of the total liabilities, while the remainder (30%) is notes payable. Determine the balances for total liabilities, accounts payable and notes payable using the following information: 1. Cash, $7,000 II. Common Shares, $10,000 Accounts Receivable, $4,000 IV. Retained Earnings, $5,000 V. Food Inventory, $9,000 VI. Accounts Payable VII. Notes Payable VIII. Total Liabilities