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  • Feb 1, 2007, 08:12 PM
    jaggyemt
    Accounting problem
    Liabilities are $2000, retained earnings are $1000 and contributed capital is $3000, what are the assets?
  • Feb 2, 2007, 03:32 PM
    KongTheKonqueror
    The basic accounting equation is:

    Assets = Liabilities + Equity

    Retained earnings and contributed capital are both considered equity.

    Assets = $2000 + $1000 + $3000 = $6000

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