Checked
Balance Sheet
Test 21
Hats Inc. owes supplier Sandy this much for straw:
4,630
Customer Chuck owes this much for hats he bought:
710
Hat's Inc. owes this much on a short-term bank loan:
1,260
Hat's Inc. owes this much of long-term debt:
7,300
Hat's Inc. has this much in its checking account:
4,130
Hat's Inc. has the following items on its shelves, which it will sell:
Number
Historical Cost
Blue item
400
41
Red item
700
26
Hat's Inc. also has the following items which it won't sell:
Historical
Accumulated
Cost
Deprecation
Computer
620
320
Please answer the following question:
2. What is the Net Worth (Stockholder's Equity) of Hat's Inc.?
A Between 8,000 and 15,000
B Between 15,000 and 20,000
C Between 20,000 and 25,000
D Between 25,000 and 32,000
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