Brief Exercise 2-3 Balance the accounting equation (LO2-2)
Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has total
assets of $28,150.
Accounts Balances
Land $ 7,700
Equipment
Salaries Payable 3,400
Notes Payable
Supplies 1,450
Cash 6,300
Stockholders' Equity 12,200
Accounts Payable 1,050
Prepaid Rent 2,300