4. Mirah Company compiled the following financial information as of December 31, 2016 Revenues Owner's Capital (1/1/16) Equipment Expenses Cash Owner's Drawings Supplies Accounts payable Accounts receivable $340,000 140,000 80,000 240,000 90,000 20,000 20,000 40,000 70,000 Mirah's owner's equity on December 31, 2016 is a. $100,000. b. $140,000. c. $220,000. d. $260,000.

4. Mirah Company compiled the following financial information as of December 31, 2016 Revenues Owner's Capital (1/1/16) Equipment Expenses Cash Owner's Drawings Supplies Accounts payable Accounts receivable $340,000 140,000 80,000 240,000 90,000 20,000 20,000 40,000 70,000 Mirah's owner's equity on December 31, 2016 is a. $100,000. b. $140,000. c. $220,000. d. $260,000.

Name: 4. Mirah Company compiled the following financial information as of D
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Description: 4. Mirah Company compiled the following financial information as of December 31, 2016:RevenuesOwner's Capital (1/1/16)EquipmentExpensesCashOwner's DrawingsSuppliesAccounts payableAccounts receivable$340,000140,00080,000240,00090,00020,00020,00040,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

4. Mirah Company compiled the following financial information as of December 31, 2016:
Revenues
Owner's Capital (1/1/16)
Equipment
Expenses
Cash
Owner's Drawings
Supplies
Accounts payable
Accounts receivable
$340,000
140,000
80,000
240,000
90,000
20,000
20,000
40,000
70,000
Mirah's owner's equity on December 31, 2016 is
a. $100,000.
b. $140,000.
c. $220,000.
d. $260,000.

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