Question
The total increase or decrease for one component of the accounting equation is missing in each of the following situations: i Assets decreased by $30
The total increase or decrease for one component of the accounting equation is missing in each of the following situations: i Assets decreased by $30 000; liabilities decreased by $19 500. ii Owners equity decreased by $37 250; assets decreased by $22 500. iii Liabilities increased by $3000; owners equity decreased by $15 000. iv Owners equity increased by $54 000; assets increased by $28 950. Required: Using Assets: $135 000 = Liabilities: $45 000 + Owners equity: $90 000 as the beginning accounting equation for each of the above situations, and treating each situation independently, determine: a) the total increase or decrease for the missing component of the equation b) the amount of each component in the ending accounting equation.
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