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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

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

Determine the missing amount for each of the following:

Chapter 1, Problem 1.6EX, Accounting equation Determine the missing amount for each of the following:

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

The missing amount in the given equations.

Explanation
Asset  = Liabilities + Owner's Equity Missing Value
a. X  = $376,000 + $895,000 $1,271,000 (1)
b. $1,375,000  =  X  + $855,000 $520,000 (2)
c. $863,500  = $211,000  +  X $652,500 (3)

Working Note:

a)

Calculate the asset in the given equation.

Assets =  Liabilities + Owners' EquityX=  $376,000 + $895,000=  $1,271,000 (1)

Hence, the asset in the given equation is $1,271,000.

b)

Calculate the liabilities in the given equation

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