The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable $35,000 Cash provided by $90,000 operations Accounts receivable 37,500 Net income 36,000 Average common shares 20,000 Salaries and wages 8,000 payable Average total assets 2000,000 Stockholders' equity 240,000 Average and total assets 600,000 Total current assets 300,000 Average total liabilities 320,000 Total current liabilities 120,000

The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable $35,000 Cash provided by $90,000 operations Accounts receivable 37,500 Net income 36,000 Average common shares 20,000 Salaries and wages 8,000 payable Average total assets 2000,000 Stockholders' equity 240,000 Average and total assets 600,000 Total current assets 300,000 Average total liabilities 320,000 Total current liabilities 120,000

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Description: The following balances and amounts were taken from the financial statements of Ortiz, Inc.Accounts payable$35,000Cash provided by$90,000operationsAccounts receivable37,500Net income36,000Average common shares20,000Salaries and wages8,000payableAvera

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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