1). Presented below is the basic accounting equation. Determine the missing amounts.
•{solutions} --
(a).
$90,000 – $50,000 = $40,000 (Owner’s Equity).
(b).
$44,000 + $70,000 = $114,000 (Assets).
(c).
$94,000 – $53,000 = $41,000 (Liabilities).
2). Given the accounting equation, answer each of the following questions.
•{Solutions}--
(a).
$120,000 + $232,000 = $352,000 (Total assets).
(b).
$190,000 – $91,000 = $99,000 (Total liabilities).
(c) .
$800,000 – 0.5($800,000) = $400,000 (Owner’s equity).
3). At the beginning of the year, Gilles Company had total assets of $800,000 and total and total liabilities of $300,000. answer the following questions.
•{solution }--
(a) ($800,000 + $150,000) – ($300,000 – $60,000) = $710,000 (Owner’s equity).
(b) ($300,000 + $100,000) + ($800,000 – $300,000 – $70,000) = $830,000 (Assets).
(c) ($800,000 – $80,000) – ($800,000 – $300,000 + $120,000) = $100,000 (Liabilities).
4}• Indicate whether each of the following items is an asset (A), liability (L), or part of owner equity (OE).
a. Account receivable = (A) asset
b.salaries and wages payable =(L) liability
c. Equipment= (A) asset
d. Supplies = ( A) asset
e. Owner's capital =(OE) owner equity
f. Notes payable =( L) liability.
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