Chapter 15.I, Problem 1RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the following values according to the accounting equation.

Assets |
Liabilities |
Owner’s Equity |

$283,000 |
$121,400 |
$161,600 |

To determine

**To calculate:** The owner’s equity if assets is

Explanation

**Given Information:**

The assets is

**Formula used:**

The equation for asset is computed by adding ownerâ€™s equity to the liabilities.

The equation can be reformed to compute ownerâ€™s equity by subtracting liabilities from assets.

**Calculation:**

Consider that the assets is

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