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According to the Accountant for Michael's Floral Supply,the Firm's Assets

Question 102

Multiple Choice

According to the accountant for Michael's Floral Supply,the firm's assets are $124,000 and its liabilities are $31,000.Which of the following statements is correct?


A) The owners' equity is $155,000.
B) The owners' equity is $93,000.
C) The firm's current assets are $62,000.
D) The firm's current liabilities are $24,000.
E) The firm's accounting equation won't balance.

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