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<br />### The total assets are given as $28,700.<br /><br />## Step 2: Sum the known asset balances<br />### We sum the balances of all known assets:<br />\[<br />7,800 \text{ (Land)} + 1,500 \text{ (Supplies)} + 6,200 \text{ (Cash)} + 2,200 \text{ (Prepaid Rent)} = 17,700<br />\]<br /><br />## Step 3: Calculate the missing Equipment balance<br />### Subtract the sum of known asset balances from the total assets to find the Equipment balance:<br />\[<br />28,700 - 17,700 = 11,000<br />\]<br />### Therefore, the balance for Equipment is $11,000.<br /><br />## Step 4: Sum the known liabilities and equity balances<br />### We sum the balances of all known liabilities and equity:<br />\[<br />3,300 \text{ (Salaries Payable)} + 12,300 \text{ (Stockholders' Equity)} + 1,100 \text{ (Accounts Payable)} = 16,700<br />\]<br /><br />## Step 5: Calculate the missing Notes Payable balance<br />### Subtract the sum of known liabilities and equity from the total assets to find the Notes Payable balance:<br />\[<br />28,700 - 16,700 = 12,000<br />\]<br />### Therefore, the balance for Notes Payable is $12,000.