Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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A firm has the following assets and liabilities:
Cash
$10,500
Accounts receivable
$35,000
Allowance for doubtful accounts
$ 2,000
Accounts payable
$8,000
After preparing s classified balance sheet, what should the firm's total
assets and liabilities be?
A. Total assets of $45,500, and total liabilities of $10,000
B. Total assets of $45,500, and total liabilities of $8,000
C. Total assets of $43,500, and total liabilities of $8,000
D. Total assets of $43,500, and total liabilities of $10,000
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Transcribed Image Text:A firm has the following assets and liabilities: Cash $10,500 Accounts receivable $35,000 Allowance for doubtful accounts $ 2,000 Accounts payable $8,000 After preparing s classified balance sheet, what should the firm's total assets and liabilities be? A. Total assets of $45,500, and total liabilities of $10,000 B. Total assets of $45,500, and total liabilities of $8,000 C. Total assets of $43,500, and total liabilities of $8,000 D. Total assets of $43,500, and total liabilities of $10,000
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