Example 41
the Following Information Applies to the Following Questions

Essay

Example 4.1
The following information applies to the following questions. The accountant for Big Stores has compiled the following information about the business and its accounts:
$$\begin{array} { l r l r } \text { Cash } & \$ 1000 & \text { Inventory } & \$ 10000 \\\text { Revenues } & 5000 & \text { Expenses } & 3000 \\\text { Accounts Payable } & 3000 & \text { Equipment } & 15000 \\\text { Wages Payable } & 2000 & \text { Notes payable } & 12000\end{array}$$
-Refer to Example 4.1. What is the total amount that Big Stores owes to creditors?