Business, 27.01.2021 20:20 drashanhparekh123

FIll in the appropropriate numeric value in each of the blank cells below. This question is based on the balance sheet equation: A = L + OE. Account Column 1 Column 2 Column 3
Cash 600 2,000
Inventory 2,400 2,500 4,000
Supplies 1,000 500 1,000
Equipment 9,000 6,000
Total Assets 10,000
Loans Payable 5,000 4,000
Common Stock 8,000 2,000
Total L & OE 10,000 12,000

Answers: 2

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Answer from: haileysolis5

Answer and Explanation:

The computation is shown below:

Account Column 1 Column 2 Column 3

Cash 600 2000 1000

Inventory 2400 2500 4000

Supplies 1000 500 1000

Equipment 9000 5000 6000

Total Assets 13000 10000 12000

Loan Payable 5000 4000 10000

Common Stock 8000 6000 2000

Total L & OE 13,000 10000 12000

Working notes:

For Column 1:

As we know that

Total asset = Cash +Inventory + Supplies + Equipment

= 600 + 2400 + 1000 + 9000

= 13000

Liabilities + Equity = 5000 + 8000

= 13000

For Column 2:

Total Asset = Cash + inventory + supplies +equipment

10000 = 2000 + 2500 + 500 + Equipment

Equipment = 10000 - 2000 - 2500 -500

= 5000

Total L & OE = Loans payable + common stock

10000 =4000 + common stock

Common Stock = 10000 - 4000

= 6000

For Column 3:

Total L&OE = 12000

As we know that

Total Assets = Total L & OE

So, Total Assets = 12000

Total Asset = Cash + Inventory + Supplies + Equipment

12000 = Cash + 4000 + 1000 + 6000

Cash = 12000 - 4000 - 1000 - 6000

Cash = 1000

Total L & OE = Loan payable +Common Stock

12000 = Loan Payable + 2000

Loan Payable = 10000

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