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    nammu12's Avatar
    nammu12 Posts: 12, Reputation: 1
    New Member

    Sep 29, 2006, 07:03 PM
    Liabilities Question
    12. Georgia Tent Companyís total liabilities on August 31, 2002 were $200,000. On September 1, 2002, the Georgia Tent Company purchased $100,000 of supplies on account from Camper World. On September 25, 2002, Georgia Tent purchased an additional $50,000 of supplies on account from Rural Vendors. Georgia Tent paid $50,000 of outstanding liabilities in September. What were Georgia Tentís total liabilities at September 30, 2002?
    a. $50,000
    b. $150,000
    c. $200,000
    d. $300,000
    e. $350,000

    I believe answer is "D" Please confirm.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Sep 29, 2006, 11:00 PM
    Aug 31/02 = 200,000
    Sept 1/02 = +100,000
    Sept 25/02 = +50,000
    Sept X/02 = -50,000
    Sept 30/02 = 300,000

    Therefore, total liabilities as at September 30, 2002 were $300,000, or Answer D

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