Question
Case 1 Case 2 Case 3 Case 4 Total assets, December 31 400,000 225,000 200,000 Total liabilities, December 31 30,000 75,000 40,000 Owner's equity, December
Case 1
Case 2
Case 3
Case 4
Total assets, December 31
400,000
225,000
200,000
Total liabilities, December 31
30,000
75,000
40,000
Owner's equity, December 31
Owner's equity, January 1
100,000
10,000
60,000
Total revenues earned during the period
170,000
28,000
124,000
Total expenses incurred during the period
80,000
14,000
85,000
54,000
Owner's withdrawal for the period
20,000
2,000
9,000
10,000
1.What is the standard accounting equation?
___________________________________________________________________________
2.How does this important concept help you in understanding the rules of debits and credits?
______________________________________________________________________________________________
________________________________________________________________________________________________________
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell
9th Edition
1119754054, 9781119754053
