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

balaji rao answered 2 years ago
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