Use the following information as of December 31 to determine equity.
Accounts payable………………………… $ 800
Accounts receivable…………………….700
Cash……………………………………… 2,300
Wages expense………………………… 9,000
Wages payable……………………… 1,200
A) $1,000
B) $3,000
C) $5,000
D) $10,000
E) $11,000

Question

Quizplus · Accepted Answer

Assets: $700 + $2,300 = $3,000
Liabilities: $800 + $1,200 = $2,000
Equity: $3,000 - $2,000 = $1,000

Use the Following Information as of December 31 to Determine