Question

2. Choco Realty Corporation had the following balance sheet accounts and balances: Accounts Receivable 1,000 Accounts...

2. Choco Realty Corporation had the following balance sheet accounts and balances: Accounts Receivable 1,000 Accounts Payable $5,000 Building ? Common Stock 32,000 Cash 3,000 Retained Earnings (ending) 3,000 Equipment 7,000 Land 18,000 What would be the balance of the Building account?

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Answer #1
Final answeR: Building $11,000
Balance sheet
Assets Liabilities and Equity
Accounts Receivable      1,000 Accounts Payable          5,000
Cash      3,000
Equipment      7,000
Land    18,000 Comom Stock       32,000
Building(Balancing Figure)    11,000 Reatined earning          3,000
(40000 - 29000)
Total    40,000 Total       40,000
Note:
Assets = Liabilities + equity
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