Question
In: Accounting
Determine the missing amount for each of the following
| Assets | = | Liabilities | + | Owner's Equity | |
| (a) | x | = | $5,56,000 | + | $33,74,000 |
| (b) | $6,111,200 | = | x | + | $5,725,000 |
| (c) | $2,150,000 | = | $812,500 | + | x |
Determine the missing amount for each of the following
Solutions
Expert Solution
An accounting equation is an accounting tool that expresses a relationship between a company's resource or assets and resource claims made to creditors and owners as an equation. The expression of the accounting equation is presented below.
Assets = Liabilities + Shareholder's Equity
a ) Calculation of assets in the given equation
Assets = Liabilities + Owner's Equity
x = $556,000 + $3,374,000
= $3,930,000
(b) Calculation of liabilities in the given equation
Assets = Liabilities + Owner's Equity
Liabilities = Assets - Owner's Equity
= $6,111,200 - $5,725,000
= $3,86,200
(c)Calculation of Owner's Equity in the given equation
Assets = Liabilities + Owner's Equity
Owner's Equity = Assets - Liabilities
= $2,150,000 - $8,125,000
= $13,37,500
(a)Assets for the given equation is $3,930,000
(b)Liabilities for the given equation is $3,86,200
(c)Owner's Equity for the given equation is $1,337,500
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