Calculate the values indicated by the letters A, B, and C based on the equation. Assets: (A)
Question:
Calculate the values indicated by the letters A, B, and C based on the equation.
Assets: (A) ($30,000) (53,000)
For obligations or liabilities: (38,000) (b) (32,000)
Ownership rights: (45,000) (22,000) (c)
Assets | For obligations or liabilities | Ownership rights |
(A) | (38,000) | (45,000) |
($30,000) | (B) | (22,000) |
(53,000) | (32,000) | (C) |
Assets | For obligations or liabilities | Ownership rights |
78.500 | 37.600 | (C) |
(A) | 53.280 | 145.000 |
49.500 | (B) | 34.000 |
Use the accounting equation to answer each of the independent questions below.
At the beginning of the year, Norton had assets of $75,000 and owner's equity of $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What is the owner's equity at the end of the year?
Q2:
The following are the balances extracted from the books of Al-Tawfiq Financial Consulting Foundation on 12/30/2021:
salaries and wages (250,000)
cash on hand (60,000)
creditors (18,500)
consulting revenue (450,000)
stationery items (15,000)
rental expenses (120,000)
other revenues (25,000)
general and administrative expenses (15,000)
Furniture (20,000)
Long-term loan (60,000)
Cars (70,000)
Cash in the bank (100,000)
Owes (16,500)
Capital (113,000)
Required
Preparing the following financial statements:
1-income list
2-Capital list
3-Statement of financial position
Financial Theory and Corporate Policy
ISBN: 978-0321127211
4th edition
Authors: Thomas E. Copeland, J. Fred Weston, Kuldeep Shastri