Chapter 15.I, Problem 3RE

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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 |

$45,300 |
$29,000 |
$16,300 |

To determine

**To calculate:** The liabilities if assets are

Explanation

**Given Information:**

The assets are

**Formula used:**

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

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

**Calculation:**

Consider that the assets are

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