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Determine total assets and total liabilities for ABC Company. 2. Complete the accounting equation below using numbers instead of words. Assets = Liabilities + Equity
- Determine total assets and total liabilities for ABC Company.
2. Complete the accounting equation below using numbers instead of words.
Assets = Liabilities + Equity
3. Determine the total amount owed by ABC at the end of the year.
4. Does the company have more assets or liabilities? What is the significance of determining the difference between net assets and net liabilities?
5. If the company borrows an additional $10,000 which two balance sheet accounts will change? The new totals for total assets and total liabilities are
6. What is the "total wealth" of the company have according to the balance sheet?
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