# What is an Asset, Liability, and Owners' Equity

Can you tell me if the following are asset, liability, owners' equity, revenue, expense, gain, loss and if they are on a balance sheet or income statement

Accumulated depreciation
Long term debt
Equipment
Loss on sale of short term investments
Net income
Merchandise inventory
Other accrued liabilities
Dividentds paid
Cost of goods sold
Interest income
Selling expenses

Thank you

 CaptainForest Posts: 3,684, Reputation: 2090 Ultra Member #2 Oct 26, 2007, 12:34 AM
Balance Sheet Items

Assets
Merchandise inventory
Equipment
Accumulated depreciation

Liabilities
Other accrued liabilities
Long term debt

Equity
Dividends paid

Income Statement Items

Revenue
Interest income

Expense
Cost of goods sold
Selling expenses

Gain
Net income

Loss
Loss on sale of short term investments
 rosejay Posts: 1, Reputation: 10 Junior Member #3 Sep 9, 2011, 05:08 PM
I'm an accounting student. I am stuck on an example problem. If asset is \$259,000 and equity is \$194,250 at the beginning of the month; then asset increase \$80,000 and liability increase to \$52,643 what will equity be at the end of the month
 pready Posts: 2,987, Reputation: 1016 Ultra Member #4 Sep 14, 2011, 09:42 AM
The accounting Equation is:
Assets = Liabilities + Owners Equity

Therefore: Liabilites = Assets - Owners Equity.

First you need to figure out your beginning Liabilities.
Beginning Assets - Beginning Owners Equity = beginning Liabilities.

Next add the amounts given to your Assets and Liabilities to get your ending Assets and Liabilities.

Finally you need to solve for ending Owners Equity.
Ending Assets - ending Liabilities = ending Owners Equity.

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