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Suppose Summit Company has receivables of $85,000, equipment totaling $175,000, and cash of $45,000. The business has a $95,000 note payable and owes $72,000 on account. How much is Summit's owner's equity? a. $35,000 b. $138,000 c. $205,000 d. $305,000

Suppose Summit Company has receivables of $85,000, equipment totaling $175,000, and cash of $45,000. The business has a $95,000 note payable and owes $72,000 on account. How much is Summit's owner's equity? a. $35,000 b. $138,000 c. $205,000 d. $305,000

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter7: Analysis Of Financial Statements
Section: Chapter Questions
Problem 2P: Vigo Vacations has $200 million in total assets, $5 million in notes payable, and $25 million in...
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Suppose Summit Company has receivables of $85,000, equipment totaling $175,000, and cash of $45,000. The business has a $95,000 note payable and owes $72,000 on account. How much is Summit's owner's equity? a. $35,000 b. $138,000 c. $205,000 d. $305,000
Transcribed Image Text:Suppose Summit Company has receivables of $85,000, equipment totaling $175,000, and cash of $45,000. The business has a $95,000 note payable and owes $72,000 on account. How much is Summit's owner's equity? a. $35,000 b. $138,000 c. $205,000 d. $305,000
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