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What is the August balance of Total Assets?

What is the August balance of Total Assets?

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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Question 16?
QUESTION 16 ABC Corporation reported the following information on its August balance sheet: Total Assets ??? Total Liabilities $3,900 Common Stock $6,000 Retained Earnings ($1,200) What is the August balance of Total Assets? QUESTION 17 ABC Corporation reported the following information for the month of August . Cost of Goods sold $1,500 Wage Expense $2,700 Purchase of equipment=$3,700 Depreciation expense $75 Other operating expenses $325 Purchase of inventory -$1.200 Net income $250 Assmine at.no.er tems affected Perkins o n Click Save ub to nd Chck DO0
Transcribed Image Text:QUESTION 16 ABC Corporation reported the following information on its August balance sheet: Total Assets ??? Total Liabilities $3,900 Common Stock $6,000 Retained Earnings ($1,200) What is the August balance of Total Assets? QUESTION 17 ABC Corporation reported the following information for the month of August . Cost of Goods sold $1,500 Wage Expense $2,700 Purchase of equipment=$3,700 Depreciation expense $75 Other operating expenses $325 Purchase of inventory -$1.200 Net income $250 Assmine at.no.er tems affected Perkins o n Click Save ub to nd Chck DO0
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Accounting Equation; Total Assets= Total liabilities + Stockholders Equity

 

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