Q1) Calculate
1) Current Assets
2) Total Assets
3) Net Income based on the number listed below.
Be sure to clearly label your answer and show all work
Cash
|
10,000
|
Accounts payable
|
20,000
|
Land
|
100,000
|
Common Stock
|
500,000
|
Merchandise Inventory
|
75,000
|
Sales
|
150,000
|
Rent Expense
|
25,000
|
Salaries Expense
|
35,000 |