Given the Following Account Balances,determine the Total Liabilities

question 22

Short Answer

Given the following account balances,determine the total liabilities.Cash $320,Accounts Receivable $250,supplies $310 and Capital $800.
$ ________

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Definitions:

Routine

A set of habitual or fixed procedures and practices, typically followed to accomplish tasks or maintain productivity.

Minor

Constituting a smaller or less important part; of lesser seriousness or significance.

Direct Method

A straightforward approach in financial statements or communication where costs or benefits are presented explicitly without adjustments.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire.