Answer:
Equipment $12,000
Notes payable $13,000
Explanation:
We know that
Total assets = Land + cash + equipment + prepaid rent + supplies
$30,000 = $8,000 + $6,200 + equipment + $2,200 + $1,600
$30,000 = $18,000 + equipment
So, the equipment = $30,000 - $18,000
= $12,000
Current liabilities = Salaries payable + account payable + notes payable
= $3,300 + $1,200 + notes payable
= $4,500 + notes payable
Total assets = Total liabilities + Shareholder equity
$30,000 = $4,500 + notes payable + $12,500
$30,000 = $17,000 + notes payable
So, the notes payable
= $30,000 - $17,000
= $13,000
