Use the Following Information as of December 31 to Determine

question 275

Multiple Choice

Use the following information as of December 31 to determine equity.
Accounts Payable………………………… $ 800
Accounts Receivable……………………. 700
Cash……………………………………… 2,300
Wages Expense………………………… 9,000
Wages Payable……………………… 1,200

• A)$1,000
• B)$3,000
• C)$5,000
• D)$10,000
• E)$11,000

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Definitions:

Forbidden City

A vast palace complex in Beijing, China, that served as the home of emperors for over 500 years, symbolizing the celestial and earthly power of the emperor.

Modern City

An urban area that features advanced infrastructure, high population density, and significant technological advancements, reflecting contemporary societal and architectural trends.

Beijing

The capital city of China, known for its rich historical sites including the Forbidden City and the Great Wall, as well as being a major hub for political, cultural, and educational activities.

Geumgangsan

A mountain located in North Korea, considered sacred and famous for its beautiful scenery, historic Buddhist temples, and art.