Finding Missing Balance Sheet Information
The following balances appear in the records of May Co. at the end of its first month of operations:
|
Cash |
$12,000 |
Land |
$100,000 |
|
Equipment |
6,500 |
Accounts payable |
3,400 |
|
Supplies |
2,700 |
Accounts receivable |
7,500 |
|
Taxes payable |
2,110 |
Truck |
22,500 |
|
Mortgage |
80,000 |
Owners’ equity |
? |
Required
a. Determine the missing item by preparing a balance sheet.
b. Identify two other typical accounts that might appear on May’s balance sheet but are not shown here.;