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17 September, 10:46

Sheffield Corp. had the following accounts and balances: Accounts payable $28300 Equipment $34800 Accounts receivable 4550 Land 34700 Buildings? Unearned service revenue 9700 Cash 14750 Total stockholders' equity? If total stockholder's equity is $95000, what is the balance of the Buildings account?

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  1. 17 September, 10:55
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    The balance on the building account is $44,200

    Explanation:

    The total value of the right hand side must equal the left hand side of a balance sheet. This means the total asset must equal liability plus shareholder equity.

    Total Asset $

    Equipment 34,800

    Accounts receivable 4,550

    Land 34,700

    Buildings?

    Cash 14,750

    88,800

    Total Liability and Equity $

    Accounts payable 28,300

    Unearned service revenue 9,700

    Stockholder's equity 95,000

    Total Liability and Equity 133,000

    Buildings = Total Liability and Equity - Total Asset

    = $133,000 - $88,800 = $44,200

    The balance on the building account is $44,200
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