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

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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