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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%
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