At the end of the current accounting period, account balances were as follows: Cash, $26,000; Accounts Receivable, $42,000; Common Stock, $18,000; Retained Earnings, $12,000. Liabilities for the period were:

Liabilities =$38,000

Explanation: An asset whether tangible or intangible is a source of value to a company examples are Cash, investments, accounts receivables etc

Liabilities are referred to the debts owed to a company or buisness at a particular period eg bank debts, tax owed, wages owed etc.

Equity is the measure of value of a company"s asset eg  Common stock, retained earnings, , preferred stock etc.

The three above are related using the equation below

Assets = Liabilities + Equity.

Total Liabilities = Assets - Equity

Total asset = Cash + Account receivables = 26,000+42,000=68,000

Total equity = Common stock + retained earnings = 18,000+12000=30,000

Total liabilities =Total asset -total equity

= 68,000-30,000

= $38,000

answer/// equals both average variable cost and average total cost at their respective minimums;