accounting

classify the items below by printing on the blank like

A. if the item is an asset

L if the item is a liability

OE if the item is owners equity.

 

1. _________ prepaid insurance

2.__________ supplies

3._________ Kim Park, capital

4._________ amount owed to Supply Depot Supplies

5._________ amount invested in the business

6._________ Cash

7.__________any amount owed

 

complete the following statements by writting the correct value on the blank line.

 

1. The total assets on a balance sheet are 67,500. The total liabilities are 37,200. What is the value of the owner’s equity? __________

2. Suppose the total assets of TechKnow Consulting are $1,100,000. The owner’s equity is 700,000. What is the total of the liabilities? _______