Suppose a local company has the following balance sheet accounts: AccountsBalances Land..........$9,000 Equipment ......... ? Salaries Payable

Question:

Suppose a local company has the following balance sheet accounts:

AccountsBalances

Land..........$9,000

Equipment ......... ?

Salaries Payable ....... 4,300

Notes Payable....... ?

Supplies .......... 2,100

Cash ............. 7,200

Stockholders’ Equity .....13,500

Accounts Payable ....... 1,700

Prepaid Rent ........ 3,200

Calculate the missing amounts assuming the business has total assets of $37,500.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...