D) Using the fundamental accounting equation (A = L + E), calculate the unknown item in each of the following questions. a. If Assets are $300,000 and Liabilities are $200,000 how much is the Owner's Equity? Answer: Owners equity = b. If Sales are $100000, COGS $30000, Operating Expenses $15000 what is the Income from Operations? Answer: Income from Operations = c. If Beginning Inventory are $10000, New Purchased Inventory $5000, Ending Inventory $2000 what is the Cost of Goods Sold? Answer: Cost of Goods Sold =

D) Using the fundamental accounting equation (A = L + E), calculate the unknown item in each of the following questions. a. If Assets are $300,000 and Liabilities are $200,000 how much is the Owner's Equity? Answer: Owners equity = b. If Sales are $100000, COGS $30000, Operating Expenses $15000 what is the Income from Operations? Answer: Income from Operations = c. If Beginning Inventory are $10000, New Purchased Inventory $5000, Ending Inventory $2000 what is the Cost of Goods Sold? Answer: Cost of Goods Sold =

Name: D) Using the fundamental accountingequation (A = L + E), calculate th
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Description: D) Using the fundamental accountingequation (A = L + E), calculate the unknownitem in each of the following questions.a. If Assets are $300,000 and Liabilities are$200,000 how much is the Owner's Equity?Answer: Owners equity =b. If Sales are $100000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.5E: The Accounting Equation Using the accounting equation, answer each of the following independent...

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The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
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