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Financial Accounting

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Solve for Wages Payable Using the Balance Sheet Equation

FINACT-IVJQBT

Concessions Unlimited reports the following account balances as of 6/30/2015. Use the balance sheet equation to solve for its missing Wages Payable balance.

Account Title Balance
Accounts Payable \$ 45,000
Accounts Receivable 15,000
Building 135,000
Cash 30,000
Equipment 20,000
Inventory 15,000
Land 65,000
Notes Payable 100,000
Owners' Equity 55,000
Wages Payable ?
A

\$55,000

B

\$80,000

C

\$145,000

D

\$280,000