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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

THE ACCOUNTING EQUATION Using the accounting equation, compute the missing elements.

images

To determine

Compute the missing elements by using the accounting equation.

Explanation

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a business and claims on the resources by the creditors, and the owners.

Calculate the missing elements:

Assets=Liabilities+Owners' equity
$44,000 (1)=$27,000$17,000
$32,000=$18,000$14,000 (2)
$27,000=$7,000 (3)$20,000

Table (1)

Working note:

Calculate the value of assets:

Assets=Liabilities+Owners'equity=$27,000

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