Need help with the following accounting question(SERIOUS answers ONLY).?
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AP is a liability
Loan is a liability.
Add up your assets
Subtratct your liabilities
The answer is your Owner's Equity. (AKA, capital)
Debit asset accounts
Credit liability accounts
Credit OE account
As for how he arrived at "these" values...I am not sure what values are in question. If it is a matter of where the numbers come from, it should be self explanatory. Cash is cash. AR is money that other people owe Jack. Fixed Assets are valued in different ways so that is up for gras. AP = money Jack owes to vendors. Loan = money Jack owes to the bank.
Jacks needs to generate some revenue!
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