Provide a paragraph describing the financial status of Diamond Edge Corporation as of March 31,...
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Accounting
Provide a paragraph describing the financial status of Diamond Edge Corporation as of March 31, 2024, based on the following balances. Then, calculate the total assets and total liabilities.
Diamond Edge Corporation's financial position as of March 31, 2024, depicts a strong liquidity position with substantial assets and manageable liabilities. With a debit balance of ?18,000 in cash, ?22,000 in accounts receivable, ?48,000 in inventory, and ?105,000 in equipment, the total assets amount to ?193,000. On the liability side, accounts payable stand at ?28,000, and bank loan at ?65,000, totaling liabilities to ?93,000.
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