The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable.Cash80,000Accounts Receivable30,000Equipment100,000Accounts Payable?Common Stock60,000Ending Retained Earnings80,000Using your knowledge, and the accounting equation, what is the amount of Accounts Payable?

Name: The following information is for the year ended December 31, 2021. The
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Description: The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable.Cash80,000Accounts Receivable30,000Equipment100,000Accounts Payable?Common Stock60,000Ending Retained Earnings80,000Using your kno

Answered: The following information is for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following information is for the year ended December 31, 2021. The company only has one liability, Accounts Payable.

Cash	80,000
Accounts Receivable	30,000
Equipment	100,000
Accounts Payable	?
Common Stock	60,000
Ending Retained Earnings	80,000

Using your knowledge, and the accounting equation, what is the amount of Accounts Payable?

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An accounting equation is an important equation in accounting. According to the accounting equation, the total value of liabilities and equities is equal to the total value of assets.

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