Help Determine the missing Land balance.$12,00011,000CashSuppliesInventory12,000LandBuildings, Net of Accumulated Depreciation21,000Total AssetsNotes Payable$28,00047,00015,000$90,000StockRetained EarningsTotal Liabilities & Shareholders' Equity

Answered: Determine the missing Land balance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Determine the missing Land balance.
$12,000
11,000
Cash
Supplies
Inventory
12,000
Land
Buildings, Net of Accumulated Depreciation
21,000
Total Assets
Notes Payable
$28,000
47,000
15,000
$90,000
Stock
Retained Earnings
Total Liabilities & Shareholders' Equity

Expert Solution

Step 1

Accounting Equation:

The accounting equation indicates that a company's total assets are equal to the sum of its liabilities plus the amount of equity held by its shareholders.
This exact equation on a company balance sheet is considered the foundation of the double-entry accounting system.

Balance sheet:

Balance is one of the main financial statements which is prepared at the end of the accounting period. It helps in presenting the financial position of the business on a particular date. It is based on the accounting equation where,

Assets = Liabilities + Equity

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