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Odom Company Compiled the Following Financial Information as of December

question 109

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Odom Company compiled the following financial information as of December 31, 2020:  Revenues $840,000 Owner’s Capital (1/1/20) 170,000 Equipment 330,000 Expenses 740,000 Cash 40,000 Owner’s Drawings 50,000 Supplies 20,000 Sales Tax Payable 10,000 Accounts payable 50,000 Notes payable 200,000 Accounts receivable 90,000\begin{array}{lr}\text { Revenues } & \$ 840,000 \\\text { Owner's Capital }(1 / 1 / 20) & 170,000 \\\text { Equipment } & 330,000 \\\text { Expenses } & 740,000 \\\text { Cash } & 40,000 \\\text { Owner's Drawings } & 50,000 \\\text { Supplies } & 20,000 \\\text { Sales Tax Payable } & 10,000 \\\text { Accounts payable } & 50,000 \\\text { Notes payable } & 200,000 \\\text { Accounts receivable } & 90,000\end{array} Odom's liabilities on December 31, 2020 are

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Definitions:

Job

A specific role or position that entails a set of tasks and duties performed by an individual in exchange for compensation, such as salary or wages.

Personal Lives

Pertains to the activities, relationships, and experiences that are part of an individual's private life outside of their professional obligations.

Positive Reinforcement

A technique in behavior science which motivates a desired behavior by rewarding it.

Peers

Individuals who are of the same status, age, or ability level, often considered equals within a specific context.

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