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Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?

Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please sho w solutions. Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?
Transcribed Image Text:Please sho w solutions. Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?
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