Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid Insurance 700 Accounts Receivable 3,500 Accounts Payable 2,800 Notes Payable 4,200 Diet Capital 1,400 Diet, Drawing 700 Revenues 21,000 Expenses 17,500 Answer the following questions. • What is the total Assets of Diet Company? • What is the total Owner's Equity of Diet Company? What is the total Liabilities of Diet Company?

Diet Company showed the following balances at the end of its first year: Cash 7,000 Prepaid Insurance 700 Accounts Receivable 3,500 Accounts Payable 2,800 Notes Payable 4,200 Diet Capital 1,400 Diet, Drawing 700 Revenues 21,000 Expenses 17,500 Answer the following questions. • What is the total Assets of Diet Company? • What is the total Owner's Equity of Diet Company? What is the total Liabilities of Diet Company?

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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