Asked by Emily Maniccia on Jun 07, 2024
Verified
Determine the missing amount designated with an "X" for each of the following: Assets Liabilities Owner’s Equity (a) $78,500$37,600X (b) X53,280$145,000 (c) 49,500X34,000\begin{array}{|cc|c|c|}\hline & \text { Assets } & \text { Liabilities } & \text { Owner's Equity } \\\hline \text { (a) } & \$ 78,500 & \$ 37,600 & \mathrm{X} \\\hline \text { (b) } & \mathrm{X} & 53,280 & \$ 145,000 \\\hline \text { (c) } & 49,500 & \mathrm{X} & 34,000 \\\hline\end{array} (a) (b) (c) Assets $78,500X49,500 Liabilities $37,60053,280X Owner’s Equity X$145,00034,000
Owner's Equity
Owner's equity represents the owner's stakes or claims against the assets of a business, equal to the total assets minus total liabilities.
Liabilities
Financial obligations or debts that a business or individual owes to others, which are expected to be settled over time through the transfer of economic benefits like cash or goods.
Assets
Resources owned or controlled by a business that are expected to benefit future operations.
- Apply the accounting equation to ascertain the total figures for assets, liabilities, and owner's equity.
Verified Answer
TM
Tyler MatuszczakJun 13, 2024
Final Answer :
(a) $40,900 ($78,500 ? $37,600)?
(b) $198,280 ($53,280 + $145,000)?
(c) $15,500 ($49,500 ? $34,000)
(b) $198,280 ($53,280 + $145,000)?
(c) $15,500 ($49,500 ? $34,000)
Learning Objectives
- Apply the accounting equation to ascertain the total figures for assets, liabilities, and owner's equity.