food eater
New member
Colfax Dry Cleaners is owned and operated by Maria Acosta. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on November 1, 2010, are as follows: Cash, $34,200; Accounts Receivable, $40,000; Supplies, $5,000; Land, $50,000; Accounts payable, $16,400.
I'm supposed to put what she has as Capital as of November 1. I thought it was only cash but I guess i'm wrong. What can be considered part of her capital?
I'm supposed to put what she has as Capital as of November 1. I thought it was only cash but I guess i'm wrong. What can be considered part of her capital?