Question

if the following amounts were given, assets equal $95,000, common stock equals $45,000 and retained earning...

  1. if the following amounts were given, assets equal $95,000, common stock equals $45,000 and retained earning equal $26,000 what is the balance for liabilities?
  1. if the following amounts were given, assets equal $105,000 liabilities equal $55,000 and retained earning equal $20,000 what is the balance for common stock?

Homework Answers

Answer #1
  • Accounting Equation: Assets = Liabilities + Equity
  • If the following amounts were given, assets equal $95,000, common stock equals $45,000 and retained earning equal $26,000 what is the balance for liabilities?
    Assets = Liabilities + Common Stock + Retained earnings
    95000 = Liabilities + 45000 + 26000
    95000 – 45000 – 26000 = Liabilities
    Liabilities = $ 24,000
  • If the following amounts were given, assets equal $105,000 liabilities equal $55,000 and retained earning equal $20,000 what is the balance for common stock?

Assets = Liabilities + Common Stock + Retained earnings
105000 = 55000 + Common Stock + 20000
105000 – 55000 – 20000 = Common Stock
Common Stock = $ 30,000

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