AC201 Week1 Quiz (with grade)

Equip net note in order to balance the sheet i

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& Equip - net NOTE: In order to balance the sheet, I subtracted the salaries expense and advertising expense from the commission bringing the amount of $40,000 down to $24,800. I then applied the formula that owners equity was equal to the total assets subtract the liabilities. This is how I was able to balance my sheet.
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Surety Insurance Balance Sheet 31-Dec-11 ASSETS LIABILITIES Current Assets Current Liabilities Cash $7,500 Notes Payable $50,000 Accounts Recievable 5,000 Accounts Payable $3,500 Commissions Earned 24,800 Salaries Payable 1,000 Salaries Expense 12,000 Advertising Expense 3,200 Total Current Assets 37,300 Total Current Liabilities 69,700 - Property, Plant & Equipment Equity Land 35,000 M. Bruno Capital 103,000 Building 100,000 Owner's Equity 10,100 Office Equipment 10,000 113,100 Office Supplies 500 Prop, Plant & Equip - net 145,500 - Total Assets $182,800 Total Liability and Equity $182,800 NOTE: In order to balance the sheet, I subtracted the salaries expense and advertising expense from the commission bringing the amount of $40,000 down to $24,800. I then applied the formula that owners equity was equal to the total assets subtract the liabilities. This is how I was able to balance my sheet.
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