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Given the following information, determine the amount of cash on the balance sheet, assuming that the company has only three assets.

Liabilities equal $3,350
Owner's equity equals $28,000
Supplies equal $2,000
Land equals $23,500

Respuesta :

Answer:

Cash balance = $5850

Explanation:

Below is the given values and calculations:

Liabilities  = $3350

Equity = $28000

Supplies = 2000

Land = $23500

Cash on the balance sheet can be determined by subtracting the sum of supplies and land from the sum of liability and equity.

Cash balance = (28000 + 3350) - (2000 + 23500)

Cash balance = $5850

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