Answer and Explanation:
The computation is shown below:
Account Column 1 Column 2 Column 3
Cash 600 2000 1000
Inventory 2400 2500 4000
Supplies 1000 500 1000
Equipment 9000 5000 6000
Total Assets 13000 10000 12000
Loan Payable 5000 4000 10000
Common Stock 8000 6000 2000
Total L & OE 13,000 10000 12000
Working notes:
For Column 1:
As we know that
Total asset = Cash +Inventory + Supplies + Equipment
= 600 + 2400 + 1000 + 9000
= 13000
Liabilities + Equity = 5000 + 8000
= 13000
For Column 2:
Total Asset = Cash + inventory + supplies +equipment
10000 = 2000 + 2500 + 500 + Equipment
Equipment = 10000 - 2000 - 2500 -500
= 5000
Total L & OE = Loans payable + common stock
10000 =4000 + common stock
Common Stock = 10000 - 4000
= 6000
For Column 3:
Total L&OE = 12000
As we know that
Total Assets = Total L & OE
So, Total Assets = 12000
Total Asset = Cash + Inventory + Supplies + Equipment
12000 = Cash + 4000 + 1000 + 6000
Cash = 12000 - 4000 - 1000 - 6000
Cash = 1000
Total L & OE = Loan payable +Common Stock
12000 = Loan Payable + 2000
Loan Payable = 10000
