Question: At December 3 1 , 2 0 1 9 , Power Gym has total assets of $ 7 5 , 0 0 0 and Owner's

At December 31,2019, Power Gym has total assets of $75,000 and Owner's equity of $59,000.
What are the liabilities for The Gym at the end of the year?
. $75,000.
Ob. $59,000.
c. $16,000
d. $134,000.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

On December 3 1 , 2 0 1 9 , Hatfield Corporation held the following equity securities in its TRADING portfolio of securities: Cost Market Difference KSD $ 5 , 1 0 0 $ 4 , 0 0 0 $ 1 , 1 0 0 RJD 1 , 2...

Q:

The comparative balance sheet of Hirayama Industries Inc. for December 3 1 , 2 0 Y 2 and 2 0 Y 1 , is as follows: 1 Dec. 3 1 , 2 0 Y 2 Dec . 3 1 , 2 0 Y 1 2 Assets 3 Cash $ 4 8 6 . 0 0 $ 1 5 8 . 0 0...

Q:

Magic GMBA 3 Corporation ? ? Income Statements For the Years Ended December 3 1 , 2 0 2 0 and 2 0 1 9 2 0 2 0 2 0 1 9 $ $ Operating revenues - Note 1 1 , 0 4 6 , 4 0 0 9 7 2 , 0 0 0 Less: Cost of...

Q:

Question 2 ( 3 2 marks ) Enes Inc. is the main manufacturer of multicolour headbands in Western Jamaica. The following budgeted data relates to Enes Inc. for two periods: December 3 1 , 2 0 2 2 and...

Q:

(15 points) Stephenson Real Estate Company was founded 25 years ago by the current CEO, Robert Stephenson. The company purchases real estate, including land and buildings, and rents the property to...

Q:

Early in its fiscal year ending December 3 1 , 2 0 2 4 , San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 2 8 with the purchase of a tract of land...

Q:

The following Statement of Financial Position contains errors in format, terminology, classification, and numbers. It has been prepared by the bookkeeper for Hathaway Corporation. Hathaway follows...

Q:

Kingbird Corporation's balance sheet at December 3 1 , 2 0 2 4 , is presented below. Debits: Cash $ 9 3 , 0 0 0 Inventory 9 5 , 3 2 5 Prepaid insurance 1 7 , 3 6 0 Equipment 1 1 7 , 8 0 0 Total $ 3 2...

Q:

F J L M N P Q F E G | H | I | K Question 2 (2.5 points ): Create macro and join it with a button to prepare Adjested trial balance But your button here B Trial Balance Adjustments Adjusted Trial...

Q:

F J L M N P Q F E G | H | I | K Question 2 (2.5 points ): Create macro and join it with a button to prepare Adjested trial balance But your button here B Trial Balance Adjustments Adjusted Trial...

Q:

Give examples to explain how economic analysis can be positive and normative?

Q:

Suppose a political strategist wants to get a sense of how American adults aged 18 years or older feel about health care and health insurance. (a) In a political poll, what would be a good frame to...

Q:

Vicente Gonzalez and Tony Sanchez are examples of candidates who got most of their campaign financing from what uncommon source? Multiple Choice PACs individual donors online super PACs themselves by...

Q:

Use the scenario below to answer a question on regression interpretation. Here is the scenario: Mary wants to predict the average volunteer hours per week among managers and workers at a certain...