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Question: Use the following information for the year ended December 31, 2023, to calculate the total assets. Item Amount ($) Supplies 2,000 Revenues 45,000 Operating expenses 25,000 Cash 18,000 Accounts payable 12,000 Drawings 3,000 Accounts receivable 7,000 Notes payable 5,000 Beginning capital 10,000 Equipment 15,000 A) $42,000 B) $57,000 C) $35,000 D) $70,000

Question: Use the following information for the year ended December 31, 2023, to calculate the total assets. Item Amount ($) Supplies 2,000 Revenues 45,000 Operating expenses 25,000 Cash 18,000 Accounts payable 12,000 Drawings 3,000 Accounts receivable 7,000 Notes payable 5,000 Beginning capital 10,000 Equipment 15,000 A) $42,000 B) $57,000 C) $35,000 D) $70,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Question: Use the following information for the year ended December 31, 2023, to calculate the total assets. Item Amount ($) Supplies 2,000 Revenues 45,000 Operating expenses 25,000 Cash 18,000 Accounts payable 12,000 Drawings 3,000 Accounts receivable 7,000 Notes payable 5,000 Beginning capital 10,000 Equipment 15,000 A) $42,000 B) $57,000 C) $35,000 D) $70,000
Transcribed Image Text:Question: Use the following information for the year ended December 31, 2023, to calculate the total assets. Item Amount ($) Supplies 2,000 Revenues 45,000 Operating expenses 25,000 Cash 18,000 Accounts payable 12,000 Drawings 3,000 Accounts receivable 7,000 Notes payable 5,000 Beginning capital 10,000 Equipment 15,000 A) $42,000 B) $57,000 C) $35,000 D) $70,000
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