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The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31? a. $30,000 b. $10,000 c. $20,000 d. $50.000

The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31? a. $30,000 b. $10,000 c. $20,000 d. $50.000

FINANCIAL ACCOUNTING
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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What were the liabilities at December 31?

The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31? a. $30,000 b. $10,000 c. $20,000 d. $50.000
Transcribed Image Text:The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders equity of $20,000. What were the liabilities at December 31? a. $30,000 b. $10,000 c. $20,000 d. $50.000
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