ANSWER THE FOLLOWING INDEPENDENT QUESTIONS (SHOW COMPUTATION):ASSETS = LIABILITIES + EQUITYIf accounts receivable are 25 percent of the total assets and notes payable are 1.5 times of accounts payable, how much is capital?If accounts payable are 12.5 percent of total assets, and capital is twice as much as accounts payable, how much are the notes payable?If equipment, net is 50% of total assets and capital is one-half of notes payable, how much is total liabilities? ABC CompanyStatement of Financial PositionDecember 31, 2018Cash?Accounts Receivable40,000Prepaid ExpensesEquipment, net10,000100,000Total Assets?Accounts PayableNotes PayableCapitalTotal Liabilities & Equity20,000??

Comments; Multiple Questions asked Given, Accounts receivable = 25% of Total Assets…

Answered: ABC Company Statement of Financial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ANSWER THE FOLLOWING INDEPENDENT QUESTIONS (SHOW COMPUTATION):

ASSETS = LIABILITIES + EQUITY

If accounts receivable are 25 percent of the total assets and notes payable are 1.5 times of accounts payable, how much is capital?
If accounts payable are 12.5 percent of total assets, and capital is twice as much as accounts payable, how much are the notes payable?
If equipment, net is 50% of total assets and capital is one-half of notes payable, how much is total liabilities?

ABC Company
Statement of Financial Position
December 31, 2018
Cash
?
Accounts Receivable
40,000
Prepaid Expenses
Equipment, net
10,000
100,000
Total Assets
?
Accounts Payable
Notes Payable
Capital
Total Liabilities & Equity
20,000
?
?

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