Suppose your business has cash of $50,000, receivables of $60,000, and furni- ture totaling $200,000. The store

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Suppose your business has cash of $50,000, receivables of $60,000, and furni- ture totaling $200,000. The store owes $80,000 on account and has a $100,000 note payable. How much is your equity?

a. $20,000

b. $130,000

c. $180,000

d. $310,000

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: May 08, 2024 01:01 PM

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Suppose your business has cash of $50,000, receivables of $60,000, and furni- ture totaling $200,000. The store

Question:

Step by Step Answer:

To find the equity we use the equation Equity Assets Liabilities Given Cash 50000 Receivables 600...View the full answer

Accounting

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