Exercise 1-4A Define terms and identify missing information in the accounting equation Required a. Match the terms (identified as a through g) with the definitions and phrases (marked 1 through 7). For example, the term "a. Assets" matches with definition 7. Economic resources that will be used by a business to produce revenue. Individuals or institutions that have contributed assets or Assets 1. a. services to a business in exchange for an ownership interest in the business. Common Stock + Retained Earnings b Common 2. Stock Certificates that evidence ownership in a company. C. Creditors 3. Assets -Liabilities- Common Stock. d. Liability 4. An obligation to pay cash in the future. Retained 5. e. Earnings loaned goods or 6. Individuals or institutions that he services to a business f. Stockholders Economic resources that will be used by a business to Stockholders 7. produce revenue. Equity b. Calculate the missing amounts in the following table: Stockholders' Equity Company Retained Earnings Assets Liabilities Common Stock + A $ ? $25,000 $ 48,000 $50,000 7000 40,000 30,000 C 75,000 15,000 42,000 125,000 45,000 60,000