The following information is available for buckeye company: january 1, 2003 december 31, 2003cash $25,000 $30,000land 40,000 42,000notes payable 29,000 45,000retained earnings 33,000 52,000accumulated depreciation 4,000 7,000supplies 8,000 10,000accounts payable 16,000 17,000equipment 20,000 ? accounts receivable 11,000 26,000contributed capital 40,000 40,000inventory 18,000 24,000during 2003, buckeye company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. additionally, buckeye company paid $9,000 of dividends during 2003. (note - the amount of cost of goods sold has been intentionally omitted from this problem).calculate the amount of equipment reported in buckeye company's balance sheet at december 31, 2003

$29,000

Explanation:

The question is to calculate the equipment reported in Buckeye Company's balance sheet December 31, 2003

Step 1: What is the accounting equation

Assets= Liabilities + Equity

a. Calculate the liabilities as at December 31st, 2003

= Notes Payable + Accounts Payable

= $45,000 + $17,000= $62,000

b. Calculate the Owner's equity

= Retained earnings + Capital

=$52,000 + $40,000= $92,000

c. What is Liability + Equity

= $62,000 + $92,000

= $154,000

Step 2: Calculate Assets

= Cash + Land + Supplies + Accounts Receivable + Inventory + Equipment - (Depreciation)

= $30,000 + $42,000 + $10,000 + $26,000 + $24,000 + Equipment - $7,000

= $125,000 + Equipment = $154,000 ( Accounting Equation)

Equipment= $154,000- $125,000

= $29,000

a. primarily outdoors, responding to emergencies and protecting people.

have a nice day!

answer; private store;