Baltimore Company's complete assets and liabilities are Accounts Receivable $2,650, Equipment $10,000, Accounts Payable $5,300, Prepaid...

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Baltimore Company's complete assets and liabilities are Accounts Receivable $2,650, Equipment $10,000, Accounts Payable $5,300, Prepaid...

Baltimore Company's complete assets and liabilities are Accounts Receivable $2,650, Equipment $10,000, Accounts Payable $5,300, Prepaid Rent $1,850, Supplies $725, Bank Loan $2,850, and Tools $635. Baltimore's total equity is: (All account balances are normal.)

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Answer 1

Answer #1

Total Equity = Total Assets - Total Liabilities
= ($2650+10000+1850+725+635) - ($2850+5300) = $7710

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Answer 2

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