Survey of Accounting 2nd Edition by Paul D. Kimmel Test bank

Equipment                                                                           15,700
Buildings                                                                             66,000
Land                                                                                   33,000
         Total assets                                                             $141,100
                                                                                                    
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Liabilities
Notes payable                                                                $  46,000
 
Stockholders’ Equity
Common stock                                                                   $49,900
Retained earnings                                                                             45,200                                                                                                       95,100
         Total liabilities and stockholders’ equity                   $141,100
 
Cash ($5,000 + $20,000 - $3,800) = $21,200
Accounts Payable ($3,800 - $3,800) = $0
Common Stock             Beginning balance ($124,900a - $95,000b)          $29,900