Bricklin Company has $700 in its checking account. A customer owes Bricklin $1,100. The company has store equipment that cost $1,600 and a truck that cost $5,200. Bricklin Company owes the bank $3,600 on the truck loan of which one payment of $900 is due in one week, and owes $4,200 to creditors for its monthly operating expenses, including rent, all of which is due in the next 30 days.
A. List Bricklin Company's assets and the dollar amount of each.
B. List Bricklin Company's liabilities and the dollar amount of each.
C. Is Bricklin Company solvent? Explain.

Question

Quizplus · Accepted Answer

The Answer of Bricklin Company has $700 in its checking account. A customer owes Bricklin $1,100. The company has store equipment that cost $1,600 and a truck that cost $5,200. Bricklin Company owes the bank $3,600 on the truck loan of which one payment of $900 is due in one week, and owes $4,200 to creditors for its monthly operating expenses, including rent, all of which is due in the next 30 days.
A. List Bricklin Company's assets and the dollar amount of each.
B. List Bricklin Company's liabilities and the dollar amount of each.
C. Is Bricklin Company solvent? Explain.

Bricklin Company Has $700 in Its Checking Account