Presented below are balance sheet items for Black Angel Company at December 31, 2015. $$\begin{array} { l r }
\text { Accounts payable } & \$ 35,000 \
\text { Accounts receivable } & 36,000 \
\text { Cash } & 17,000 \
\text { Equipment } & 77,000 \
\text { Common stock } & 45,000 \
\text { Notes payable } & 50,000
\end{array}$$
Compute each of the following:
1. Total assets.
2. Total liabilities.

Question

Presented below are balance sheet items for Black Angel Company at December 31, 2015. $$\begin{array} { l r } 
\text { Accounts payable } & \$ 35,000 \
\text { Accounts receivable } & 36,000 \
\text { Cash } & 17,000 \
\text { Equipment } & 77,000 \
\text { Common stock } & 45,000 \
\text { Notes payable } & 50,000
\end{array}$$ 
Compute each of the following:
1. Total assets.
2. Total liabilities.

Quizplus · Accepted Answer

The Answer of Presented below are balance sheet items for Black Angel Company at December 31, 2015. $$\begin{array} { l r } 
\text { Accounts payable } & \$ 35,000 \
\text { Accounts receivable } & 36,000 \
\text { Cash } & 17,000 \
\text { Equipment } & 77,000 \
\text { Common stock } & 45,000 \
\text { Notes payable } & 50,000
\end{array}$$ 
Compute each of the following:
1. Total assets.
2. Total liabilities.

Presented Below Are Balance Sheet Items for Black Angel Company