The following balances appear in the records of May Co. at the end of its first month of operations:

Cash $12,000 Land $100,000 Equipment 6,500 Accounts payable 3,400 Supplies 2,700 Accounts receivable 7,500 Taxes payable 2,110 Truck 22,500 Mortgage 80,000 Owners’ equity ?

Required

a. Determine the missing item by preparing a balance sheet.

b. Identify two other typical accounts that might appear on May’s balance sheet but are not shown here.