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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
ISBN: 9781305666160

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
ISBN: 9781305666160
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
$25,000 (1)=$20,000$5,000
$30,000=$15,000$15,000 (2)
$20,000=$10,000 (3)$10,000

Table (1)

Working note:

Calculate the value of assets:

Assets=Liabilities+Owners'equity=$20,000

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