Crystal Springs Co. has the following accounts on its balance sheet: • Accounts Receivable: $1,200 Equipment: $8,000 • Accounts Payable: $3,500 • Prepaid Insurance: $1,500 • Supplies: $600 ⚫ Bank Loan: $2,300 ⚫ Tools: $400 What are Crystal Springs Co.'s total liabilities?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
icon
Related questions
Question

I need guidance with this financial accounting problem using the right financial principles.

Crystal Springs Co. has the following accounts on its balance
sheet:
• Accounts Receivable: $1,200
Equipment: $8,000
•
Accounts Payable: $3,500
•
Prepaid Insurance: $1,500
•
Supplies: $600
⚫ Bank Loan: $2,300
⚫ Tools: $400
What are Crystal Springs Co.'s total liabilities?
Transcribed Image Text:Crystal Springs Co. has the following accounts on its balance sheet: • Accounts Receivable: $1,200 Equipment: $8,000 • Accounts Payable: $3,500 • Prepaid Insurance: $1,500 • Supplies: $600 ⚫ Bank Loan: $2,300 ⚫ Tools: $400 What are Crystal Springs Co.'s total liabilities?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College