Calculate the missing value (in $) according to the accounting equation.AssetsLiabilitiesOwner's Equity$15,808,000$8,338,500$

Name: Calculate the missing value (in $) according to the accounting equatio
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Description: Calculate the missing value (in $) according to the accounting equation.AssetsLiabilitiesOwner's Equity$15,808,000$8,338,500$

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

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Calculate the missing value (in $) according to the accounting equation.

Assets	Liabilities	Owner's Equity
$15,808,000	$8,338,500	$

Expert Solution

Step 1: Introduction and Formula:

In this question we need to find the owner's equity.

As per accounting equation:

Total Assets = Liabilities + Owner's Equity

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