Choose the one alternative that best completes the statement or

Choose the one alternative that best completes the statement or answers the question. Solve the problem.

Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.

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Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $29,000

Total liabilities and owner’s equity: $131,000

 

 

 

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $131,000

 

 

 

Mullen’s Hardware Balance Sheet

Total assets: $95,000

Total liabilities: $12,000

Total liabilities and owner’s equity: $102,000

 

 

 

Mullen’s Hardware Balance Sheet

Total assets: $131,000

Total liabilities: $17,000

Total liabilities and owner’s equity: $17,000

 

 

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