Use the information below for the Michigan Auto Corporation(MAC) to answer the following questions. Balance Sheet Accounts
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Use the information below for the Michigan Auto Corporation(MAC) to answer the following questions.
Balance Sheet Accounts of Michigan Auto Corporation (MAC) Corporation
Account | Balance 12/31/2017 |
Accumulated depreciation | $7,650 |
Accounts payable | $6,875 |
Accounts receivable | $8,000 |
Cash | $3,750 |
Common stock | $15,625 |
Inventory | $11,250 |
Longminus−Term debt | $17,750 |
Plant, property, and equipment | $37,000 |
Retained earnings | $12,100 |
Refer to the Balance Sheet Accounts of MAC Corporation. The value of equity for the year minus−end
is ________.
A. 27,725
B. $11,090
C. $11,740
D. $16,625
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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