Question

Determine the missing amount by using the Accounting Equation: Assets Liabilities Owner’s Equity a X $20,500...

Determine the missing amount by using the Accounting Equation:

Assets

Liabilities

Owner’s Equity

a

X

$20,500

$41,500

b

$32,750

X

$10,000

c

$57,000

$18,000

X
Business   Accounting   
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Homework Answers

Answer #1

The accounting equation is also known as balance sheet equation. It explains the basic relationships between Assets, liabilities and Share holders equity. It is the foundation for double entry book keeping system . It is used to found the financial position of the business concern. The following equation is the accounting equation

Basic equation

Accounting Equation =Assets =Liabilities +Share holders Equity

From the above equation we can derive the following equations

Share holders equity =Assets -Liabilities

Liabilities =Assets -Ownership Equity

a) Assets = Liabilities +Ownership Equity

= $20,500+$41,500=$62,000.

Answer= $62,000

b) liabilities =assets -ownership equity

=$32,750-$10,000=$22,750

Answer = $22,750

c) assets -Liabilities = Ownership Equity

=57,000-$18,000=$39,000

Answer =$39,000

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