Brief Exercise 1-24 The Accounting Equation
Financial information for three independent cases is as follows:
Required:
Determine the missing amount for each case.
Accounting equation:
Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows:
Requirement-a:
To Calculate:
The amount of Total Assets.
The amount of Total Assets is calculated as follows:
Total As...
Accounting equation:
Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows:
Requirement-b:
To Calculate:
The amount of Total Liabilities.
Accounting equation:
Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows:
Requirement-c:
To Calculate:
The amount of increase or decrease in equity.
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Accounting Information Systems
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