Using Financial Accounting Information
Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1.5.3E
To determine

Concept Introduction:

The accounting equation is an equation that shows the connection between the three major types of accounts; assets, liabilities, and equity. As per this equation, the amount of total assets is equal to the sum of total liabilities and total equity for the business.

To calculate: the amount of total liabilities at the end of the year.

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Using Financial Accounting Information

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