Question

From the following, select the accurate equations that relate to the accounting equation (i.e. assets, liabilities,...

From the following, select the accurate equations that relate to the accounting equation (i.e. assets, liabilities, and owner's equity).

*Multiple answers may apply

A. Liabilities = Assets - Owner's Equity
B. Assets = Liabilities + Owner's Equity
C. Owner's Equity = Assets - Liabilities
D. Assets = Liabilities - Owner's Equity
E. Owner's Equity = Assets + Liabilities
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Homework Answers

Answer #1

Answer:-

A.

Liabilities = Assets - Owner's Equity

B.

Assets = Liabilities + Owner's Equity

C.

Owner's Equity = Assets - Liabilities

Expanations:-

All the 3 equations mentioned above are accurate equations that relate to the accounting equations.

For Example:-

If the assets is $100, Liabilities is $70 and Owner’s Equity is $30. If we apply the following information in the below mentioned formula, then the results are as follow:

A. Liabilities = Assets – Owner’s Equity

Liabilities = $100 - $30

Liabilities = $70

B. Assets = Liabilities + Owner’s Equity

Assets = $70 + $30

Assets = $100

C. Owner’s Equity = Assets – Liabilities

Owner’s Equity = $100 - $70

Owner’s Equity = $30

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