Suppose a Company Has the Following Balance Sheet Accounts Calculate the Missing Amounts Assuming the Company Has Total Assets

question 142

Short Answer

Suppose a company has the following balance sheet accounts:
$$\begin{array} { l r } { \text { Accounts } } & \text { Balances } \\\hline \text { Land } & \$ 9,000 \\\text { Building } & ? \\\text { Salaries payable } & 3,700 \\\text { Common stock } & ? \\\text { Accounts payable } & 2,600 \\\text { Cash } & 5,300 \\\text { Retained earnings } & 11,600 \\\text { Supplies } & 3,200 \\\text { Equipment } & 4,500\end{array}$$
Calculate the missing amounts assuming the company has total assets of $40,000.