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Cornerstones of Financial Accounti...
Brief Exercise 1-24 The Accounting Equation
Financial information for three independent cases is as follows:
- The liabilities of Dent Company are $82,000, and its stockholders' equity is $120,000. What is the amount of Dent’s total assets?
- The total assets of Wayne Inc. are $55,000, and its stockholders' equity is $22,500. What is the amount of Wayne’s total liabilities?
- Gordon Company’s total assets increased by $60,000 during the year, and its liabilities decreased by $35,000. Did Gordon’s stockholders' equity increase or decrease? By how much?
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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