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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 Dollar Tree Inc. and Target Corporation follow:

Chapter 1, Problem 1.5EX, Accounting equation The total assets and total liabilities (in millions) of Dollar Tree Inc. and

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

Calculate the Owner’s Equity of Company DT.

Assets =  Liabilities + Owners' EquityOwners' Equity =  Assets  Liabilities=$2,329$984=$1,345

Hence, the Owner’s Equity of Company DT is $1,345 million.

Calculate the Owner’s Equity of Corporation T

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