At December 31 a company's records show the following information (values in dollars): Cash 10,000 Accounts Receivable 30,000 Inventory 80,000 Prepaid Insurance Non-current |(long-term) assets 6,000 200,000 Accounts Payable Notes payable 30,000 25,000 -due in 10 months Wages payable 5,000 Non-current |(long-term) liabilities 70,000 Shareholder's |(owner's) equity 196,000
At December 31 a company's records show the following information (values in dollars): Cash 10,000 Accounts Receivable 30,000 Inventory 80,000 Prepaid Insurance Non-current |(long-term) assets 6,000 200,000 Accounts Payable Notes payable 30,000 25,000 -due in 10 months Wages payable 5,000 Non-current |(long-term) liabilities 70,000 Shareholder's |(owner's) equity 196,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate (a) the company's

Transcribed Image Text:At December 31 a company's records show the following information (values in dollars):
Cash
10,000
Accounts
Receivable
30,000
Inventory
80,000
Prepaid
Insurance
Non-current
(long-term)
assets
6,000
200,000
Accounts
Payable
Notes payable
30,000
25,000
due in 10 months
Wages payable 5,000
Non-current
(long-term)
liabilities
Shareholder's
(owner's) equity
70,000
196,000
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