Ask Question
13 June, 01:39

Land $ 170,000 Equipment 66,000 Salaries Payable? Notes Payable 88,000 Supplies 14,000 Cash 26,000 Common Stock 100,000 Retained Earnings 40,000 Accounts Payable? Prepaid Rent 12,000 If the company has total assets of $288,000, what is the balance of the company's Salaries Payable account? A. $12,000.

B. $25,000.

C. $15,000.

D. Cannot be determined given the information provided.

+2
Answers (1)
  1. 13 June, 02:24
    0
    D. Cannot be determined given the information provided.

    Explanation:

    The accounting equation deals with the 3 elements of the balance sheet namely; assets, liabilities and equity and the relationship between them as shown below.

    Assets = Liabilities + Equity

    Given;

    Total asset = $288,000

    Equity = Retained earnings + common stock

    = 40,000 + 100,000

    = $140,000

    Liabilities = $288,000 - $140,000

    = $148,000

    Liabilities include; Notes Payable 88,000, Salaries Payable? Accounts Payable?

    Since the Salaries Payable and Accounts Payable are not known, the right option is D. Cannot be determined given the information provided.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Land $ 170,000 Equipment 66,000 Salaries Payable? Notes Payable 88,000 Supplies 14,000 Cash 26,000 Common Stock 100,000 Retained Earnings ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers