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Sampson Company has $500 in its checking account. A customer owes Sampson $1,000. The company has store equipment that cost $1,500 and a truck that cost $5,000. Sampson Company owes the bank $3,500 on the truck loan of which one payment of $700 is due in one week, and owes $4,000 to creditors for its monthly operating expenses, including rent, all of which is due in the next 30 days.

A. List Sampson Company's assets and the dollar amount of each.

B. List Sampson Company's liabilities and the dollar amount of each.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944779

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