ANSWER A) $450,000 = $125,000 + $325,000B) ($450,000 + $65,000) =...

2011.

Answer

a)

$450,000 = $125,000 + $325,000

b)

($450,000 + $65,000) = ($125,000 + $35,000) + $355,000

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Question Determine the missing amount “X” for each of the following:

Assets

Liabilities

Owner’s Equity

a. $85,700

$40,000

X

b. X

$66,570

$145,000

c. $57,900

X

$34,000

Answer

a. $85,700 - 40,000 = $45,700

b. $66,570 + 145,000 = $211,570

c. $57,900 - 34,000 = $23,900

Question Krammer Company has liabilities equal to one fourth of the total assets. Krammer’s owner’s equity is $30,000. Using the accounting

equation, what is the amount of liabilities for Krammer?

Answer

Assets = Liabilities + Owner’s Equity

4x = x + $30,000

3x = $30,000

x = $10,000 in liabilities

Question Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company

during May: