Question

In: Accounting

Determine the missing amounts

Presented below is the basic accounting equation.Determine the missing amounts

           Assets       =       Liabilities    +   Owner's Equity

(a)      $90,000                $50,000                  ?

(b)         ?                        $44,000               $70,000

(c)      $94,000                     ?                      $53,000

 

Solutions

Expert Solution

Given information

Assets = $90,000

Liabilities = $50,000

The accounting equation is as follows

Assets = Liabilities + Owner's Equity

(a)Owner's Equity = Assets - Liabilities

                             = $90,000 - $50,000

                             = $40,000

(b) Assets = Liabilities + Owner's Equity

                = $44,000 + $77,000

                = $114,000

(c) Assets = Liabilities + Owner's Equity

  $94,000  = Liabilities + $53,000

Liabilities  = $94,000 - $53,000

                 = $41,000

 

                 

 

Owner's Equity = $40,000

Assets = $114,000

Liabilities = $41,000

 

balaji rao answered 2 years ago
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