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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

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

Exercise 1-36 The Fundamental Accounting Equation

Financial information for three independent cases is given below

Chapter 1, Problem 36E, Exercise 1-36 The Fundamental Accounting Equation Financial information for three independent cases

Required:

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:

    CaseAssets LiabilitiesEquity
    1 $116,200 $ 60,800 $55,400
    (116200-55400)

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