Answer:
Accounts Payable 15,000
Prepaid Rent 39,000
Explanation:
Assets:
Cash 25,000
Supplies 10,000
Prepaid Rent X?
Equipment 90,000
Land 150,000
Total Assets = 290,000
We subtract from the total assets the know values to get the unknow which is, prepaid rent:
290,000 - 150,000 - 90,000 - 10,000 - 25,000 = 15,000 prepaid rent
Then laiblities + equity = total assets
so we use the same idea;
Liabilities
Accounts Payable X?
Salaries Payable 12,000
Notes Payable 99,000
Total liabilities Y?
Equity
Common Stock 40,000
Retained Earnings 100,000
Total equity 140,000
Total Liab + SE 290,000
290,000 - 140,000 = total liab = 150,0000
then AP
150,000 - 99000, - 12,000 = 39,000
