What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?
What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. What is the total equity of the Ackerman Limousine Service?
2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?

Transcribed Image Text:For questions 5-7, use the following balance sheet.
Ackerman Limousine Service
Balance Sheet
December31, 2020
Assets
Cash
P 16,000
Accounts Receivable
2,500
Automobile Supplies
1,200
Limousines
38,000
Total Asset
P 57.700
Liabilities and Capital
Accounts Payable
P 3,200
Notes Payable
30,350
Total Liabilities
P 33,550
Mikasa Ackerman, Capital
24,150
Total Liabilities and Capital
P.57.700
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