A company's balance sheet contained the following information: $$\begin{array} { | l | r | l | r | }
\hline \text { Contributed Capital } & \$ 12,000 & \text { Total Assets } & \$ 176,000 \
\hline \text { Accourts Payable } & \$ 64,000 & \text { Retained Earrings } & \$ 28,000 \
\hline
\end{array}$$ Assuming Notes Payable is the only other item on the balance sheet:

Question

A company's balance sheet contained the following information: $$\begin{array} { | l | r | l | r | } 
\hline \text { Contributed Capital } & \$ 12,000 & \text { Total Assets } & \$ 176,000 \
\hline \text { Accourts Payable } & \$ 64,000 & \text { Retained Earrings } & \$ 28,000 \
\hline
\end{array}$$ Assuming Notes Payable is the only other item on the balance sheet:

Quizplus · Accepted Answer

The total liabilities and equity must equal the total assets, so we can set up the equation: 
Contributed Capital + Accounts Payable + Retained Earnings + Notes Payable = Total Assets
$12,000 + $64,000 + $28,000 + Notes Payable = $176,000
Notes Payable = $72,000. Therefore, the correct answer is C.

A Company's Balance Sheet Contained the Following Information Assuming Notes Payable Is the Only Other Item on the |