Question: 1. Datatech, Inc., has $15,817 in accounts payable; $9,892 in wages payable; and $418,250 for its mortgage note. If owner's equity totals $45,986, find total liabilities and owner's equity
2. Prepare a balance sheet for Rayco, Inc., for December 31, 2011. The company assets are: cash, $114,975; accounts receivable, $8,918; merchandise inventory, $187,915; equipment, $29,719. The liabilities are: accounts payable, $6,832; wages payable, $5,215; mortgage note payable, $279,409. The owner's capital is $50,071.