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.
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
Related questions
Question
At December 31, 2018 the accounting records of Gordon, Inc. contain the following items:
Accounts Payable | $ | 2,500 | $ | 18,750 | |||
Land | $ | 30,000 | Cash | ? | |||
Building | $ | 31,250 | Equipment | $ | 40,000 | ||
Notes Payable | ? | Capital Stock | $ | 12,500 | |||
$ | 125,000 |
If the Notes Payable is $10,000, the December 31, 2018 cash balance is:
$ 30,000. |
||
$ 20,000. |
||
$160,000. |
||
$ 60,000. |
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub