Please answer the questions below.

The Accounting Equation and Why It Balances 13. Why is office equipment an example of an asset? 6-30 6. What is the proper format of the basic accounting equation? 14. What is the name for resources owned by a company? 7. What are assets? 15. A business has assets of $135,000 and liabilities of $45,000. Calculate the amount of owners' equity. 5. What makes a vehicle purchased with a loan an example of an asset? 16. A business has liabilities of $345,700 and owners' equity of $154,300. Calculate the amount of assets the company has. 9. What are liabilities? 17. At the end of an accounting period, a company's total assets equaled $1,450,000, and owners' equity was 10. Why is money owed to a bank on a loan $654,000. How much were the company's considered a liability? liabilities? 11. What does it mean when a company 15. At the end of an accounting period, a purchases something on account? company's total assets equaled $576,000, and liabilities equaled $245,000. How much was the company's owners' equity? 12. Why is a loan from a bank not an asset