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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Cornerstone Exercise 1-14

Using the Accounting Equation

Listed below are three independent scenarios.

Chapter 1, Problem 14CE, Cornerstone Exercise 1-14 Using the Accounting Equation Listed below are three independent

Required:

Use the fundamental accounting equation to find the missing amounts.

To determine

Concept Introduction:

Accounting equation:

Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows:

  Assets = Liabilities + Equity

To Calculate:

The missing amounts using the accounting equation.

Explanation

The missing amounts are calculated as follows:

    ScenarioAssets Liabilities Equity
    1$ 98,000 $42,000 $ 56,000
    (42000+56000)

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