Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity equals $11.750; total current assets equals $19,800; land equals $15,000; and accumulated depreciation equipment equals $1,550. a. $11,500 b. $3,250 c. $3,400 d. None of these choices are correct

a. $11,500

Explanation:

Since the total liabilities and owners equity is $44,750 instead of $11,750

And, we know that

Total assets = Total liabilities + owners equity

So, Total assets = $44,750

Now the equipment is

= Total assets - total current assets - land + accumulated depreciation of an equipment

= $44,750 - $19,800 - $15,000 + $1,550

= $11,500

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