Suppose a local company has the following balance sheet accounts: Accounts ...........................Balances Land .................................$ 8,000 Equipment .................................?

Question:

Suppose a local company has the following accounts:
Accounts ...........................Balances
Land .................................$ 8,000
Equipment .................................?
Salaries Payable .....................3,300
Notes Payable ............................?
Supplies ..............................1,600
Cash ..................................6,200
Stockholders' Equity ............12,500
Accounts Payable ..................1,200
Prepaid Rent ........................2,200
Calculate the missing amounts assuming the business has total assets of $30,000?
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...