At December 31, 2018 the accounting records of Gordon, Inc. contain the following items: Accounts Payable$2,500 Accounts Receivable$18,750 Land$30,000 Cash ? Building$31,250 Equipment$40,000 Notes Payable ? Capital Stock$12,500 Retained Earnings$125,000 If the Notes Payable is $10,000, the December 31, 2018 cash balance is: $ 30,000. $ 20,000. $160,000. $ 60,000.

Balance sheet of the business shows financial position of the business. It shows amount of assets…

Answered: At December 31, 2018 the 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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At December 31, 2018 the accounting records of Gordon, Inc. contain the following items:


Accounts Payable	$	2,500	Accounts Receivable	$	18,750
Land	$	30,000	Cash		?
Building	$	31,250	Equipment	$	40,000
Notes Payable		?	Capital Stock	$	12,500
Retained Earnings	$	125,000

If the Notes Payable is $10,000, the December 31, 2018 cash balance is:

		$ 30,000.
		$ 20,000.
		$160,000.
		$ 60,000.

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