Reference no: EM132808477
Grace Company had the following balance sheet accounts balances:
Accounts payable 100,000 Accounts receivable 50,000
Building ? Cash 70,000
Equipment 110,000 Grace Capital ?
Land 300,000 Supplies 40,000
Problem 1. If the balance of Grace Capital is 850,000, what is the balance of the building account?
Problem 2. If the balance of the building account was 450,000, what is the balance of owner's equity?
Problem 3. If the balance of the building account is 400,000 and equipment is sold for 110,000, what would be the total of owner's equity?
Problem 4. If the balance of the building is 350,000 and 20,000 of the accounts payable was paid in cash, what would be the balance of Grace Capital account?
Problem 5. If the balance of the building account is 200,000 and 40,000 of the accounts payable was paid in cash, what would be the total liabilities?
Problem 6. Refer to number 5 above, what is the balance of owner's equity?
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