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

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06-09-2022
Business

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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

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Tutorconsortium344idn Tutorconsortium344idn · Answer 1 · 2022-09-08T10:36:18-04:00

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

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