Homework Answers
| Balance Sheet | |||
| December 31 | |||
| Assets | Liabilities | ||
| Cash | $ 5,900 | Accounts payable | $ 2,900 |
| Equipment | $ 25,500 | Notes payable | $ 19,500 |
| Land | $ 17,500 | ||
| Total liabilities | $ 22,400 | ||
| Stockholders Equity | |||
| Common stock | $ 10,000 | ||
| Retained earnings $48,900-$22,400-$10,000) | $ 16,500 | ||
| Total stockholders equity | $ 26,500 | ||
| Total assets | $ 48,900 | Total liabilities and stockholders equity | $ 48,900 |
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