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 derwreck Posts: 1, Reputation: 1 New Member #1 Jan 27, 2008, 11:53 PM
How do I calculate revenues given assetts, liabilities, and owners equity?
I have to fill out the missing spots in this spreadsheet for my accounting class... I already figured out the missing assetts, liabilities, and owners equity numbers easily using the accounting equation (Assetts= liabilities + owners expense)

Company X
Beg of Year
Assets=360
Liabilities=280
Owners Equity=80

End of Year
Assets=380
Liabilities=320
Owners Equity=60

Expenses for the year=100

How do I calculate revenues?
Also, if it gave me revenues and not expenses, how would I calculate expenses for that year?

Thanks, any help is greatly appreciated!
 johnsonc Posts: 1, Reputation: 1 New Member #2 Jan 16, 2012, 12:21 PM
The Fundamental Accounting Equation
Financial information for three independent cases is given below.

assets liabilities equity
\$112,800 \$(b) \$51,000
275,000 162,500 (c)
(a) 15,000 43,200
 pready Posts: 3,197, Reputation: 207 Ultra Member #3 Jan 16, 2012, 12:59 PM
Assets = Liabilities + Owners Equity
Liabilities = Assets - Owners Equity
Owners Equity = Assets - Liabilities

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Could you please answer this question? Why must assets always equal liabilities+owners equity:confused: :confused: