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

question 139

Essay

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.

---

Definitions:

Fundamental Attribution Error

A cognitive bias where people overly attribute others' actions to their personality or disposition rather than to external factors.

Situational Influences

The impact of external environmental factors on an individual's behavior, choices, and attitudes at a given moment.

Dispositional Influences

Characteristics or traits of individuals that influence their behaviors and attitudes.

Fundamental Attribution Error

The tendency to overestimate the influence of personality and underestimate the influence of situations when explaining other peoples' behaviors.