Answer is given below
Explanation:
given data
Salaries payable = $6,500
Retained earnings = $55,000
Buildings = 63,000
Payable = 40,000
Prepaid rent = 7,500
Office supplies = 3,000
Merchandise inventory = 15,000
Land = 32,000
Accounts payable = 15,000
Accumulated depreciation Building = 6,000
Prepaid insurance = 4,000
Mortgages payable = 22,000
Accounts receivable = 9,000
Cash = 26,000
Common stock = 15,000
solution
Current Assets
Cash $26,000
Accounts Receivable $9,000
Merchandise inventory $15,800
Office Supplies $3,000
Prepaid Rent $7,500
Prepaid Insurance $4,000
Total Current Assets: $65,300
and
Property, Plant and Equipment
Buildings $63,000
Land $32,000
Accumulated Depreciation 6,000
Total PP&E = $101,000
so
Total Assets = $166,300
and
Liabilities
Current Liabilities
Salaries Payable $6,500
Accounts payable $15,000
Total Current Liabilities = $21,500
and
Long-Term Liabilities
Notes Payable $40,000
Mortgages Payable $22,000
Total Long-Term Liabilities = $62,000
so
Total Liabilities = $83,500
and
Stockholders' Equity
Common Stock $15,000
Retained Earnings $55,000
Total Stockholders' Equity = $70,000
Total Liabilities + Stockholders' Equity = $83,500 + $70,000 = $153,500
