How much in total assets does cathey have

Assignment Help Financial Management

Reference no: EM131312140

1. Objective : Differentiate between different types of accounts.

Bill Alexander opened a software consulting firm that immediately paid $17,000 for a computer. Was Alexander's computer an expense of the business? If not, explain.

2. Objective : Analyze the impact of business transactions on accounts.

Cathey's] Catering began with cash of $15,000. Cathey then bought supplies for $4,400 on account. Separately, Cathey paid $7,500 for equipment. Answer these questions.

a. How much in total assets does Cathey have?

b. How much in liabilities does Cathey owe?

Reference no: EM131312140

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