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FINANCIAL ACCOUNTING

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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**Calculate the Missing Value Using the Accounting Equation**

| Assets | Liabilities | Owner's Equity |
|----------|-------------|----------------|
| 141,792 | ? | 34,022 |

**Instructions:**

Use the accounting equation to find the missing value:

**Accounting Equation:**

\[ \text{Assets} = \text{Liabilities} + \text{Owner's Equity} \]

Given:

- Assets = 141,792
- Owner's Equity = 34,022

Calculate the value of Liabilities:

\[ \text{Liabilities} = \text{Assets} - \text{Owner's Equity} \]

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