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: