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Question - The following information is taken from the records of Jamie Inc. at May 31, 2021.
Cash $35,000
Bank Loan $25,000
Bank Overdraft $5,000
Land $90,000
Net Income $45,000
Equipment $15,000
Accounts Payable $24,000
Insurance Expense $3,500
Accounts Receivable $52,000
Miscellaneous Expense $4,000
Office Supplies Expense $6,500
Required - How much is total liabilities?
The Patchwork Corporation manufactures sweaters for sale to athletic-wear retailers. The following information was available on Patchwork for the years ended December 31, 2013, and 2014:
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