Reference no: EM132626718

Examine the partial balance sheet vertical analysis below.

ASSETS

Cash                              $23,650             43%

Accounts Receivable        $31,3505               7%

Total Assets                      $55,000             100%

LIABILITIES

Accounts Payable__________

Notes Payable                     $15,400                 28%

Total Liabilities                        62%

EQUITY

Total Equity                          $20,900             38%

Problem 1: Based on the information shown, what is the correct amount and percentage of accounts payable?

Option 1: $18,700; 34%

Option 2: $20,900; 38%

Option 3: $39,600; 72%

Option 4: $49,500; 90%