Solutions to Chapter 3

Accounting and Finance. 1. Sophie’s Sofas Assets Liabilities & Shareholders’ Equity Cash $ 10,000 Accounts payable $ 17,000 Accounts receivable 22,000 Long-term debt 170,000 Inventory 200,000 Shareholders’ equity 145,000 Store & property 100,000 Total assets $332,000 Total liabilities & Shareholders’ equity ................
................

In order to avoid copyright disputes, this page is only a partial summary.