Reference no: EM133011449
The following information is provided for Sacks Company.
Cash $12,000 Supplies $4,500
Prepaid rent 2,000 Salaries expense 4,500
Equipment 65,000 Service revenue 30,000
Miscellaneous expenses 20,000 Dividends 3,000
Accounts payable 5,000 Common stock 68,000 Retained earnings 8,000
Problem 1: What is the amount of total assets?
a. $81,500
b. $82,500
c. $68,500
d. $83,500
Problem 2: What is the amount of total liabilities?
a. $5,000
b. $78,500
c. $68,500
d. $83,500
Problem 3: What is the amount of total shareholders' equity?
a. $5,000
b. $78,500
c. $68,500
d. $83,500
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