Financial Accounting 7th Canadian Edition by Walter Harrison Test bank

Cash                                       $128,000       Accounts payable   $106,100

Accounts receivable                  15,700       Note payable              17,000

Supplies                                       1,500       Interest payable           1,600

Furniture                                    18,000       Salary payable            2,400

Automobiles                              12,900       Total liabilities         127,100

Land                                         23,000

                                                                             Shareholders' equity

                                                                      Common shares         30,500

                                                                      Retained earnings    41,500 *

                                                                      Total shareholders' equity                                         72,000

                                                                      Total liabilities and _______

Total assets                            $199,100       shareholders' equity