Homework Answers
Accounting equation should be executed here as below:
TotalAssets = TotalLiabilities + Equity
Total assets = Cash + Accounts receivable + Supplies + Land
= 10,876 + 8,187 + 1,909 + 24,711
= 45,683
Total Liabilities = Accounts payable
= 5,643
Hence,
TotalAssets = TotalLiabilities + Equity
45,683 = 5,643 + Equity
45,683 – 5,643 = Equity
Equity = 40,040 (Answer)
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