Consider the following information:
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Consider the following information:
Cash: $10,000
Accounts Receivable: $7,000
Office Supplies: $2,000
Prepaid Insurance: $3,000
Buildings: $150,000
A
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Cash: $10,000
Accounts Receivable: $7,000
Office Supplies: $2,000
Prepaid Insurance: $3,000
Buildings: $150,000
Accumulated Depreciation: ($30,000)
Accounts Payable: $5,000
Notes Payable: $30,000
Owner’s Equity: $107,000
From the above set of data, what is the total for assets, liabilities, and equity?
A.)
Total Assets: $142,000
Total Liabilities: $35,000
Total Equity: $107,000
B.)
Total Assets: $172,000
Total Liabilities: $35,000
Total Equity: $137,000
C.)
Total Assets: $167,000
Total Liabilities: $30,000
Total Equity: $137,000
D.)
Total Assets: $152,000
Total Liabilities: $35,000
Total Equity: $117,00
