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Calculate the company cash balance for sound off audio store

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Reference no: EM132998869

Problem 1: Sound Off Audio Store has the following on its Balance Sheet: Inventory = $11,000; Accounts Receivable = $13,000; Fixed Assets = $90,000; Owners Equity = $55,000; Total Liabilities = $100,000. Total Liabilities and Owners Equity = $155,000. Calculate the company's Cash balance.

Group of answer choices

Option 1: $24,000

Option 2: $20,500

Option 3: $55,000

Option 4: $41,000

Reference no: EM132998869

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