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Sagot :
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
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