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.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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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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