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

    Aug 26, 2010, 09:11 AM
    Plug in Numbers to Basic Accounting Equation
    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
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Aug 26, 2010, 12:07 PM

    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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