Answer:
Assets Liabilities
Current Assets Acount Payable 17,640
Cash 222,485 Equity
Account receivable 49,390 Common Stock 135,000
Supplies 8,465 Retained Earnings 353,700
Total Current Assets 280,340 Total Equity 488,700
Land 226,000
Total Assets 506,340 Toal Liab+ SE 506,340
Explanation:
RE will be calculate using the accounting equation as is quicker than calculate net income and do the RE statement
Assets = Liab + Equity
Where: Equity = Common Stock + RE
506,340 = 17,640 + 135,000 + RE
RE = 506,340 - 17,640 - 135,000 = 353,700