Annie's Attic has the following account balances for the dates given:
$\begin{array}{|l|r|r|}
\hline & \text { September } 1 & \text { September 30 } \
\hline \text { Cash } & \$ 40,000 & 60,000 \
\hline \text { Accounts Receivable } & 40,000 & 38,000 \
\hline \text { Accounts Payable } & 6,000 & ? \
\hline
\end{array}$ Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid. Determine the equity at both September 1 and September 30.

Question

Annie's Attic has the following account balances for the dates given:
 $\begin{array}{|l|r|r|}
\hline & \text { September } 1 & \text { September 30 } \
\hline \text { Cash } & \$ 40,000 & 60,000 \
\hline \text { Accounts Receivable } & 40,000 & 38,000 \
\hline \text { Accounts Payable } & 6,000 & ? \
\hline
\end{array}$ Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid. Determine the equity at both September 1 and September 30.

Quizplus · Accepted Answer

The Answer of Annie's Attic has the following account balances for the dates given:
 $\begin{array}{|l|r|r|}
\hline & \text { September } 1 & \text { September 30 } \
\hline \text { Cash } & \$ 40,000 & 60,000 \
\hline \text { Accounts Receivable } & 40,000 & 38,000 \
\hline \text { Accounts Payable } & 6,000 & ? \
\hline
\end{array}$ Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid. Determine the equity at both September 1 and September 30.

Annie's Attic Has the Following Account Balances for the Dates