Determine the missing amount from each of the separate situations given below.1.2.NLA LAAssets$ 140,000 E3. $ 101,000 =Liabilities CH32,000 +54,000 +$LA LA$+$$Equity48,00062,000

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Description: Determine the missing amount from each of the separate situations given below.1.2.NLA LAAssets$ 140,000 E3. $ 101,000 =Liabilities CH32,000 +54,000 +$LA LA$+$$Equity48,00062,000

Lets understand the basics.Basic accounting equation, also named as balance sheet equation,…

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Determine the missing amount from each of the separate situations given below. 1. 23 Assets $ 140,000 $ 101,000 = Liabilities + 32,000 + 54,000 + = $ = $ = + $ $ Equity 48,000 62,000

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

Determine the missing amount from each of the separate situations given below.
1.
2.
N
LA LA
Assets
$ 140,000 E
3. $ 101,000 =
Liabilities CH
32,000 +
54,000 +
$
LA LA
$
+
$
$
Equity
48,000
62,000

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