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    jaggyemt's Avatar
    jaggyemt Posts: 8, Reputation: 1
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    #1

    Feb 1, 2007, 08:12 PM
    Accounting problem
    Liabilities are $2000, retained earnings are $1000 and contributed capital is $3000, what are the assets?
    KongTheKonqueror's Avatar
    KongTheKonqueror Posts: 75, Reputation: 13
    Junior Member
    		  
    #2

    Feb 2, 2007, 03:32 PM
    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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