The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts payable, S6,530. What is the amount of owner's equity? Your answer: O $37,720 O $21,500 O S44,430 O $50,780
The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts payable, S6,530. What is the amount of owner's equity? Your answer: O $37,720 O $21,500 O S44,430 O $50,780
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1E
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![The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts receivable, $8,200; Supplies, $1,050;
Land, $25,000; Accounts payable, $6,530. What is the amount of owner's equity? Your answer: O $37,720 O $21,500 O $44,430 O
$50,780](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee5de385-2031-4877-b6b0-7e87550f61bf%2F24211bac-c204-484a-89d6-59783fd1274a%2F095noq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, $10,000; Accounts receivable, $8,200; Supplies, $1,050;
Land, $25,000; Accounts payable, $6,530. What is the amount of owner's equity? Your answer: O $37,720 O $21,500 O $44,430 O
$50,780
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