Answer:
Equipment = $16,000
Notes payable = $18,000
Explanation:
Total assets = Land + Equipment + Supplies + cash + prepaid rent
Equipment = Total assets - Land - Supplies - cash - prepaid rent
= $37,500 - $9,000 - $2,100 - $7,200 - $3,200
= $16,000
Total assets = Total liabilities = Shareholder's equity + salaries payable + notes payable + accounts payable
$37,500 = $13,500 + $4,300 + notes payable + $1,700
Notes payable = $37,500 - $13,500 - $4,300 - $1,700
= $18,000
Therefore, the value of equipment is $16,000 and the value of notes payable is $18,000.
