Sinoyianis Realty Company had the following balance sheet accounts and balances:
-If,$6,000 of Accounts Payable were paid in cash,what would be the total of liabilities and owner's equity?

Question

Sinoyianis Realty Company had the following balance sheet accounts and balances: 
-If,$6,000 of Accounts Payable were paid in cash,what would be the total of liabilities and owner's equity?

Quizplus · Accepted Answer

Paying off $6,000 of Accounts Payable reduces liabilities by $6,000. Assuming the initial total of liabilities and owner's equity was $52,000, subtracting $6,000 results in $46,000.

Sinoyianis Realty Company Had the Following Balance Sheet Accounts and Balances