Cornelia's Closet has the following account balances for the dates given:
October 1 October 31
Cash $40,000 60,000
Accounts Receivable 40,000 38,000
Accounts payable 6,000 ?
Also,its net income,for October 1 through October 31 was $20,000 and there were no dividends or stock issuances.Determine the equity at both October 1 and October 31.

Question

Quizplus · Accepted Answer

The Answer of Cornelia's Closet has the following account balances for the dates given:
October 1 October 31
Cash $40,000 60,000
Accounts Receivable 40,000 38,000
Accounts payable 6,000 ?
Also,its net income,for October 1 through October 31 was $20,000 and there were no dividends or stock issuances.Determine the equity at both October 1 and October 31.

Cornelia's Closet Has the Following Account Balances for the Dates