Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has tota assets of 28,700 . multicolumn(1)(|c|)( Accounts ) & Balances Land & 7,800 Equipment & Salaries Payable & 3,300 Notes Payable & Supplies & 1,500 Cash & 6,200 Stockholders' Equity & 12,300 Accounts Payable & 1,100 Prepaid Rent & 2,200

## Step 1: Identify the total assets### The total assets are given as ## Step 3: Calculate the missing Equipment balance### Subtract the sum of known asset balances from the total assets to find the Equipment balance: ### Therefore, the balance for Equipment is $11,000.## Step 4: Sum the known liabilities and equity balances### We sum the balances of all known liabilities and equity: ## Step 5: Calculate the missing Notes Payable balance### Subtract the sum of known liabilities and equity from the total assets to find the Notes Payable balance: ### Therefore, the balance for Notes Payable is $12,000.