General accounting question Highland Company has cash of $42,000, equipmentvalued at $23,500, and stockholders' equity of $51,000.Determine the liabilities of the business. Write theaccounting equation for Highland Company.

Step 1: Define The accounting equation represents the relationship between a company's assets,…

Answered: Highland Company has cash of $42,000,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 12PB: The following shows excerpts from financial information relating to Stanwell Company and Thodes...

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Highland Company has cash of $42,000, equipment valued at $23,500, and stockholders' equity of $51,000. Determine the liabilities of the business. Write the accounting equation for Highland Company.