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    blueyez609's Avatar
    blueyez609 Posts: 1, Reputation: 1
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    #1

    Oct 25, 2007, 12:12 PM
    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
    Additional paid in capital
    Interest income
    Selling expenses

    Thank you
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Oct 25, 2007, 11:34 PM
    Balance Sheet Items

    Assets
    Merchandise inventory
    Equipment
    Accumulated depreciation

    Liabilities
    Other accrued liabilities
    Long term debt

    Equity
    Additional paid in capital
    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's Avatar
    rosejay Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Sep 9, 2011, 04:08 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's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Sep 14, 2011, 08:42 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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