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

question 51

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 31 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:

Genetic Influences

The impact of genes inherited from one's parents on physical traits, behaviors, and susceptibility to certain conditions.

Behavior Geneticist

A scientist who studies the genetic and environmental influences on behaviors, often through twin studies and adoption studies.

Heritable

Referring to traits or characteristics that can be passed from parents to their offspring through genes.

Sensation Seeking

A personality trait defined by the search for experiences and feelings that are varied, novel, complex, and intense, and by the readiness to take physical, social, legal, and financial risks for the sake of such experiences.