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Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets $ 7,000 Net income $ 15,000 Current liabilities 4,000 Stockholders' equity 21,000 Average assets 44,000 Total liabilities 9,000 Total assets 30,000 Average common shares outstanding was 10,000. a. $7,000 b. $5,000 c. $3,000 d. $2,000

Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets $ 7,000 Net income $ 15,000 Current liabilities 4,000 Stockholders' equity 21,000 Average assets 44,000 Total liabilities 9,000 Total assets 30,000 Average common shares outstanding was 10,000. a. $7,000 b. $5,000 c. $3,000 d. $2,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets $ 7,000 Net income $ 15,000 Current liabilities 4,000 Stockholders' equity 21,000 Average assets 44,000 Total liabilities 9,000 Total assets 30,000 Average common shares outstanding was 10,000. a. $7,000 b. $5,000 c. $3,000 d. $2,000
Transcribed Image Text:Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets $ 7,000 Net income $ 15,000 Current liabilities 4,000 Stockholders' equity 21,000 Average assets 44,000 Total liabilities 9,000 Total assets 30,000 Average common shares outstanding was 10,000. a. $7,000 b. $5,000 c. $3,000 d. $2,000
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