Use the following information for questions. The following accounts were included on Stacy's Style Consultants Post-Closing Trial Balance at December 31, 2008: Accounts Payable 2,000 Accounts Receivable 5,500 Cash 11,000 Stacy Capital Stacy Drawing Interest Expense 40,000 10,000 3,000 Note Payable, due 8/31/11 Supplies 60,000 1,000 Service Revenue 39,000 Equipment 5,000 What are the total current assets? (Answer Guide: No Peso Sign, No Decimal Point) What are total current liabilities?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the following information for questions.
The following accounts were included on
Stacy's Style Consultants Post-Closing Trial
Balance at December 31, 2008:
Accounts Payable
2,000
5,500
11,000
Accounts Receivable
Cash
Stacy Capital
Stacy Drawing
Interest Expense
40,000
10,000
3,000
Note Payable, due 8/31/11
Supplies
60,000
1,000
Service Revenue
39,000
5,000
Equipment
What are the total current assets?
(Answer Guide: No Peso Sign, No
Decimal Point)
What are total current liabilities?
Transcribed Image Text:Use the following information for questions. The following accounts were included on Stacy's Style Consultants Post-Closing Trial Balance at December 31, 2008: Accounts Payable 2,000 5,500 11,000 Accounts Receivable Cash Stacy Capital Stacy Drawing Interest Expense 40,000 10,000 3,000 Note Payable, due 8/31/11 Supplies 60,000 1,000 Service Revenue 39,000 5,000 Equipment What are the total current assets? (Answer Guide: No Peso Sign, No Decimal Point) What are total current liabilities?
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