Chapter 1, Problem 36E

### Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Chapter
Section

### Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

# Exercise 1-36 The Fundamental Accounting EquationFinancial information for three independent cases is given belowRequired:Compute the missing numbers in each case.

To determine

Concept Introduction:

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:

Assets = Liabilities + Equity

To Calculate:

The missing amounts using the accounting equation.

Explanation

The missing amounts are calculated as follows:

 Case Assets Liabilities Equity 1 $116,200$ 60,800 \$55,400 (116200-55400)

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