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Eagle Home Repairs has total assets for the year of $22,000 and total liabilities of $12,000. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $5,000 and equity decreased by $2,500, what would be the amount of total liabilities for Eagle Home Repairs?

Eagle Home Repairs has total assets for the year of $22,000 and total liabilities of $12,000. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $5,000 and equity decreased by $2,500, what would be the amount of total liabilities for Eagle Home Repairs?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 5TP: The following historical information is from Assisi Community Markets. Calculate the working capital...
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Eagle Home Repairs has total assets for the year of $22,000 and total liabilities of $12,000. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $5,000 and equity decreased by $2,500, what would be the amount of total liabilities for Eagle Home Repairs?
Transcribed Image Text:Eagle Home Repairs has total assets for the year of $22,000 and total liabilities of $12,000. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $5,000 and equity decreased by $2,500, what would be the amount of total liabilities for Eagle Home Repairs?
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