Answered

Get personalized and accurate responses to your questions with IDNLearn.com. Our Q&A platform is designed to provide quick and accurate answers to any questions you may have.

Baltimore company's complete assets and liabilities are accounts receivable $2,350, equipment $9,000, accounts payable $6,500, prepaid rent $2,450, supplies $725, bank loan $4,150, and tools $485. baltimore's total equity is: (all account balances are normal

Sagot :

Tutorconsortium344idn

The total equity of Baltimore is: $4,360

Total Equity: Total equity is the value that remains in the business after total liabilities are subtracted from total assets. Equilibrium is calculated as Equity = Assets - Liabilities.

GIVEN:

Accounts receivable: $2,350

Equipment: $9,000

Accounts Payable: $6,500

Prepaid Rent: $2,450

Supplies: $725

Bank Loan: $4,150

Tools: $485

According to Accounting Equation:

Total Assets = Equity+Liabilities

which implies,

Total Equity= Total Assets-Liabilities

Total Equity= (2,350+9,000+2,450+725+485)-(6,500+4,150)

Total Equity= 15,010-10,650

Total Equity= $4,360

So, the total equity of Baltimore is: $4,360

To learn more about Accounting Equations, visit the following link:

https://brainly.com/question/1347011

#SPJ4

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. IDNLearn.com is committed to providing the best answers. Thank you for visiting, and see you next time for more solutions.