The Balance Sheet for Dawood LLC shows assets totaling $107,000 and liabilities totaling $75,000. Which of the following statements is correct? A. Owner's Equity equals $182,000. B. Current Assets are worth $32,000. C. Net Income for the period is $32,000. D. Owner's Equity equals $32,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is