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    donnac922's Avatar
    donnac922 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 13, 2007, 04:22 PM
    Expanded Accounting Equation
    I have answered these questions and I am wondering if they are correct?:(

    For the following four cases, use the expanded accounting equation to compute the missing quantity.

    ASSETS LIABILITIES CAPITAL STOCK RETAIN ED EARNINGS
    Case A $20,000 $8,000 A $3,500
    Case B 16,000 B $5,000 2,000
    Case C C 11,000 14,000 32,000
    Case D 46,000 30,000 20,000 D

    Answers:
    A. $12,000
    B. $11,000
    C. $25,000
    D. Not enough data to complete.
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Mar 13, 2007, 04:30 PM
    What do you think the answer is and your reasoning behind it.
    This way our accounting expert will be able to guide you better.
    donnac922's Avatar
    donnac922 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 13, 2007, 04:35 PM
    I listed my answers at the bottom of the problem
    A. $12,000
    B. $11,000
    C. $25,000
    D. Not enough data to complete.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #4

    Mar 13, 2007, 07:58 PM
    Assets = Liabilities + Shareholder's Equity (which is Capital Stock + Retained Earnings)

    A)
    20,000 = 8,000 + A + 3,500
    A = 8,500

    B)
    16,000 = B + 5,000 + 2,000
    B = 9,000

    C)
    C = 11,000 + 14,000 + 32,000
    C = 57,000

    D)
    46,000 = 30,000 + 20,000 + D
    D = -4,000
    davecoach's Avatar
    davecoach Posts: 5, Reputation: 1
    New Member
    		  
    #5

    Apr 14, 2007, 01:27 PM
    I agree with Captain Forest. He rocks..
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