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18 August, 09:52

Question 1 Presented below is the basic accounting equation. Determine the missing amounts. Assets = Liabilities + Owner's Equity

(a) $80,000 $59,000 $

(b) $ $47,000 $65,000

(c) $88,000 $ $54,000

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  1. 18 August, 13:32
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    (a) $21,000

    (b) $112,000

    (c) $34,000

    Explanation:

    Accounting equation is as follows:

    Assets = Liabilities + Owner's Equity

    (a) $80,000 = $59,000 + Owner's Equity

    $80,000 - $59,000 = Owner's Equity

    $21,000 = Owner's Equity

    (b) Assets = $47,000 + $65,000

    = $112,000

    (c) $88,000 = Liabilities + $54,000

    $88,000 - $54,000 = Liabilities

    $34,000 = Liabilities
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