Classify the items below by printing on the blank like
A. if the item is an asset
L if the item is a liability
OE if the item is owners equity.
1. _________ prepaid insurance
2.__________ supplies
3._________ Kim Park, capital
4._________ amount owed to Supply Depot Supplies
5._________ amount invested in the business
6._________ Cash
7.__________any amount owed
complete the following statements by writting the correct value on the blank line.
1. The total assets on a balance sheet are 67,500. The total liabilities are 37,200. What is the value of the owner's equity?
2. Suppose the total assets of TechKnow Consulting are $1,100,000. The owner's equity is 700,000. What is the total of the liabilities?