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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 6E
Textbook Problem
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Accounting equation

Determine the missing amount for each of the following:

Chapter 1, Problem 6E, Accounting equation Determine the missing amount for each of the following:

To determine

Determine the missing amount in the given equations.

Explanation of Solution

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a company and claims of resources to creditors and owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Shareholders Equity

Working Note:

a.

Calculate the asset in the given equation.

    Assets =  Liabilities + Owners' EquityX=  $550,000 + $1,345,000=  $1,895,000

Hence, the asset in the given equation is $1,895,000.

b.

Calculate the liabilities in the given equation

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Financial And Managerial Accounting
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