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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Accounting equation

The total assets and total liabilities (in millions) of Green Mountain Coffee Roasters, Inc. and Starbucks Corporation follow:

Chapter 1, Problem 1.4EX, Accounting equation The total assets and total liabilities (in millions) of Green Mountain Coffee

Determine the owners’ equity of each company.

To determine

Accounting equation:

Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a company and claims on the resources by the creditors and owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Shareholders Equity

Owner’s equity of each company

Explanation

1.

Calculate the Owner’s Equity of Incorporation GMCR.

Assets =  Liabilities + Owners' EquityOwners' Equity =  Assets  Liabilities=$3,616$1,345=$2,271

Hence, the Owner’s Equity of Incorporation GMCR is $2,271 million.

2

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