Annie's Attic Has the Following Account Balances for the Dates

question 62

Essay

Annie's Attic has the following account balances for the dates given:
$\begin{array}{|l|r|r|}\hline & \text { September } 1 & \text { September 30 } \\\hline \text { Cash } & \$ 40,000 & 60,000 \\\hline \text { Accounts Receivable } & 40,000 & 38,000 \\\hline \text { Accounts Payable } & 6,000 & ? \\\hline\end{array}$ Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid. Determine the equity at both September 1 and September 30.

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Definitions:

Philippines

An archipelagic country in Southeast Asia, consisting of more than 7,000 islands, known for its diverse culture, natural beauty, and colonial history.

Attack on Spain

This term lacks context but could refer to any military or aggressive action aimed at Spain throughout history, requiring specification of the event or period.

United States

A federal republic in North America comprised of 50 states, a federal district, five major self-governing territories, and various possessions.

Senator Albert Beveridge

An American historian and U.S. senator from Indiana, known for his support of American imperialism and expansionism in the early 20th century.