Reference no: EM132626689

Examine the partial balance sheet vertical analysis below.

ASSETS

Cash                              $23,650               43%

Accounts Receivable         $31,350               57%

Total Assets                     $55,000               100%

LIABILITIES

Accounts Payable__________

Notes Payable              $15,400                   28%

Total Liabilities           62%

EQUITYTotal 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%