Suppose a local company has the following balance sheet accounts:

accounts balances accounts balances
land $ 8,000 cash 6,200
equipment ? stockholders' equity 12,500
salaries payable 3,300 accounts payable 1200
notes payable ? prepaid rent 2,200
supplies 1,600

required:
calculate the missing amounts assuming the business has total assets of $30,000.

notes

Equipment $12,000

Notes payable $13,000

Explanation:

We know that

Total assets = Land + cash + equipment + prepaid rent + supplies

$30,000 = $8,000 + $6,200 + equipment + $2,200 + $1,600

$30,000 = $18,000 + equipment

So, the equipment = $30,000 - $18,000

                               = $12,000

Current liabilities = Salaries payable + account payable + notes payable

                            = $3,300 + $1,200 +  notes payable

                            = $4,500 +  notes payable

Total assets = Total liabilities + Shareholder equity

$30,000 = $4,500 +  notes payable + $12,500

$30,000 = $17,000 + notes payable

So, the notes payable

= $30,000 - $17,000

= $13,000

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