The Assets and Liabilities of Matt Wesley Auto Shop Are

question 141

Multiple Choice

The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash,$10,000; Accounts receivable,$8,200; Supplies,$1,050; Land,$25,000; Accounts payable,$6,530.What is the amount of owner's equity?

• A) $21,500
• B) $44,430
• C) $50,780
• D) $37,720

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