Question

Do I have to add the liabilities and equity in order to get the assests?

Exercise 1-8 Using the accounting equation A1
Determine the missing amount from each of the separate situations a, b, and c below.
Liabilities
Assets
Equity
$ 20,000
34,000
$ 45,000
(a) $
2
100,000
154,000
3.
(b)
(c)
40,000
Expand
Transcribed Image Text

Exercise 1-8 Using the accounting equation A1 Determine the missing amount from each of the separate situations a, b, and c below. Liabilities Assets Equity $ 20,000 34,000 $ 45,000 (a) $ 2 100,000 154,000 3. (b) (c) 40,000

Expert Answer

1 Rating

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to repo...

A: Click to see the answer

Q: What is meant by “prior service cost”? When is prior servicecost recognized as pension expense?

A: Prior service cost: The change in the amount of projected benefit due to changes in the act or rules...

Q: The Canliss Milling Company purchased machinery on January 2, 2014, for $800,000. A five-year life w...

A: Requirement 1: The accounting changes in comparative financial statements: The depreciation changes ...

Q: Describe the accounting for correction of errors.

A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting in...

Q: Peter Henning Tool Company's December 31 year-end financial statements contained the following error...

A: Click to see the answer

Q: Purposes of cost allocation. Mary Martin recently started a job as an administrative assistant in th...

A: Direct cost:Direct cost is that cost which can be directly identified with the manufacturing of a pa...

Q: Stone Co. began operations in 2016 and reported $225,000 in income before income taxes for the year....

A: Click to see the answer

Q: What is the relationship of the asset turnover to the return on assets?

A: Click to see the answer

Q: Contrast the direct and indirect methods of calculating net cash flow from operating activities.

A: A Cash flow statement is a financial statement that provides the summarised information regarding ca...

Q: In computing the interest component of pension expense,what interest rates may be used?

A: Pension expense: Pension expense is an expense to the employer paid as compensation after the comple...

Q: At the end of 2015, Majors Furniture Company failed to accrue $61,000 of interest expense that accru...

A: Click to see the answer

Q: ICOT Industries issued 15 million of its $1 par common shares for $424 million on April 11. Legal, p...

A: 1.

Q: M includes one coupon in each bag of dog food it sells. The coupons do not have an expiration date. ...

A: Click to see the answer

Q: Cullen Construction Company, which began operations in 2020, changed from the completed-contract to ...

A: (a)Calculate amount of net income that would be reported in 2021:Net income = Income before income t...

Q: Wardell Company purchased a mini computer on January 1, 2014, at a cost of $40,000. The computer has...

A: 1.Prepare adjusting entries: 

Q: The November 2019 payroll of Walnut Company is $17,500,000, of which $2,150,000 is exempt from Socia...

A: Prepare the journal entries to record payroll expense.

Q: how do i understand in accounting whats to be decreased and whats to be increased?

A: Account: Account is the basic record that reports all changes in the value of particular assets, lia...

Q: Why is it necessary to convert accrual-based net income to a cash basis when preparing a statement o...

A: Click to see the answer

Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000...

A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year. 

Q: Preparing a statement of retained earnings Kingston, Inc. had beginning retained earnings of $135,00...

A: Click to see the answer

Q: What are the three relevant dates involving cash dividends? Describe each.

A: Dividend: Dividend is a part of income paid to shareholders of an organization for the investment ma...

Q: What type of disclosure or accounting do you believe is necessary for the following items? Because ...

A: 1. The increased likelihood of a company depicted to suffer losses due to strike in near future are ...

Q: Some financial instruments are called derivatives. Why?

A:  

Q: Identifying advantages and disadvantages of a corporation Following is a list of advantages and disa...

A: CorporationA corporation is a form of business entity that is incorporated through the state charter...

Q: S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. ...

A: Prepare the journal entries to reflect the sales tax that will remit to the state and to the county.

Q: Kap Company switched from the sum-of-the-years-digits depreciation method to straight-line depreciat...

A: Sum of years depreciation:It is one of the depreciation methods which is based on the assumption tha...

Q: Jackson Health Foods has 8,000 shares of $2 par common stock outstanding, which were issued at $15 p...

A: Depreciation: Depreciation expense is a non-cash expense, which is recorded on the income statement ...

Q: If pension expense recognized in a period exceeds thecurrent amount funded by the employer, what kin...

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the benefi...

Q: Under IFRS, the retrospective approach should not be used if: a.    retrospective application requir...

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is a...

Q: Why is it desirable to use a worksheet when preparing a statement of cash flows? Is a worksheet requ...

A: A Cash flow statement is a financial statement that provides the summarised information regarding ca...

Q: Journalizing issuance of stock—at par and at a premium Colorado Corporation has two classes of stock...

A: 1.Journalize the issuance of 4,500 shares of common stock for $6 per share for Company C.

Q: What is a private pension plan? How does a contributorypension plan differ from a noncontributory pl...

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the benefi...

Q: A Type A lease agreement calls for annual lease payments of $26,269 over a six-year lease term, with...

A: Finance lease Sales type/Finance lease in parallel type of direct financing whereby the owner (lesso...

Q: Cost-plus, target pricing, working backward. The new CEO of Rusty Manufacturing has asked for a vari...

A: We are authorized to answer one question at a time, since you have not mentioned which question you ...

Q: Discuss briefly the three approaches that have been suggested for reporting changes in accounting pr...

A: Accounting changes are the alterations made to the accounting methods, accounting estimates, account...

Q: Life-cycle costing. Maximum Metal Recycling and Salvage receives the opportunity to salvage scrap me...

A: 1.Calculate total project life cycle cost.

Q: Lenexa State Bank has followed the practice of capitalizing certain marketing costs and amortizing t...

A: Accounting Policy: It refers to the set of rules, regulations, principle and procedure followed by a...

Q: Need help with "C, D, E, F, G, and H"

A: As per authoring guideline the three sub-parts of question are answered. Respost the question specif...

Q: Olga Conrad, a financial writer, noted recently, “Thereare substantial arguments for including earni...

A: Projections: Based on the past and present records any estimation or forecast made are said to be pr...

Q: King Cones leased ice cream-making equipment from Ace Leasing. Ace earns interest under such arrange...

A: Short term lease: It  is a one type of lease which has maximum lease period of 1 year or less than o...

Q: Whittier Construction Co. had followed the practice of expensing all materials assigned to a constru...

A: In order to show the correct valuation, the entire salvage inventory needs to be evaluated at the ye...

Q: How are derivatives reported on the balance sheet? Why?

A: Derivatives: Derivatives are some financial instruments which are meant for managing risk and safegu...

Q: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the ...

A: The temporary difference between taxes as per accounting income and taxes asper tax regulation is re...

Q: The stockholders’ equity accounts of Bonita Company have the following balances on December 31, 2020...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: How does an “asset gain or loss” develop in pensionaccounting? How does a “liability gain or loss” d...

A: Plan assets: Assets which are created, maintained and planned for a specific purpose or benefit is t...

Q: What is the indirect effect of a change in accounting principle?Briefly describe the reporting of th...

A: Change in an accounting principle: This change occurs when a company decides to change from an accou...