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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Complete the following equations:

  1. Assets of $40,000 = Liabilities of $17,200 + Owner’s Equity of $_____
  2. Assets of $_____ − Liabilities of $18,000 = Owner’s Equity of $22,000
  3. Assets of $27,000 − Owner’s Equity of $15,000 = Liabilities of $_____

a.

To determine

Solve for owners’ equity using accounting equation, if assets are $40,000, and liabilities are $17,200.

Explanation

Accounting equation: Accounting equation is a concept expressed in the form of equation, which creates a relation between resources or assets of a company and claims of resources to creditors and owners. Fundamental accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

Solve for owners’ equity using accounting equation, if assets are $40,000, and liabilities are $17,200

b.

To determine

Solve for assets using accounting equation, if liabilities are $18,000 and owners’ equity are $22,000.

c.

To determine

Solve for liabilities using accounting equation, if assets are $27,000 and owners’ equity are $15,000.

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