(Solved Homework): 3. The Maverick Company has the following account balances at the end of December. Show that Maverick’s bal…

3. The Maverick Company has the following account balances at the end of December. Show that Maverick’s balance sheet does balance using the accounting equation. Cash $8,000 Capital Stock $120,000 Inventory $16,000 Note Payable $45,000 Retained Earnings $29,000 Building $158,000 Equipment $30,000 Accounts Payable $11,000 Salary Payable $7,000

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Assets = Liabilities+Stockholders’ equity
(Cash+Inventory+Building+Equipment) = (Note Payable+Accounts Payable+Accounts Payable)+(Capital Stock +Retained Earnings)
(8000+16000+158000+30000) = (45000+11000+7000)+(120000+29000)
212000 = 63000+149000
212000 = 212000

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