Michael McNamee is the sole shareholder of a property management company near the campus of Pensacola State
Question:
Requirements
1. Consider the accounting principles discussed in the chapter and define the principle that best matches the situation:
a. Michael’s personal assets are not recorded on the property management company’s balance sheet.
b. Michael records furniture at its cost of $9,000, not its market value of $13,000.
c. Michael does not make adjustments for inflation.
d. The account payable of $6,000 is documented by a statement from the furniture company showing the business still owes $6,000 on the furniture.
Michael’s friend thinks he should only owe about $5,000. The account payable is recorded at $6,000.
2. How much equity is in the business?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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