I have this basic equation, can you help me balance it:
Assets = Liabilities + Owners Equity
a) $90,000 $50,000 $
b)$ $40,000 $70,000
c)$94,000 $ $60,000
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I have this basic equation, can you help me balance it:
Assets = Liabilities + Owners Equity
a) $90,000 $50,000 $
b)$ $40,000 $70,000
c)$94,000 $ $60,000
a. Owners Equity = Assets - Liabilities.
b. Assets = Liabilities + Owners Equity.
c. Liabilities = Assets - Owners Equity.
For all 3 problems just fill in the accounts with the known amounts, then solve for the unknown amount of the other account.
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