1. St. Clair Motor Supplies had the following transactions during December: 
2. • Paid a $17,000 note due since March plus $425 in interest. 
3. • Sold $36,525 of merchandise to customers on account. The cost of goods sold was $21,250.
4. • Paid accounts payable of $2,050. 
5. 
   
6. As a result of these transactions, at the end of the year, what would be the balance of liabilities and shareholders' equity?

Answer rating: 100% (QA)

decrease in liability note payabl... View the full answer