Answered: EX.01.235 Determine the missing amount…

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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. EX.01.235

Determine the missing amount designated for each of the following:

	Assets	Liabilities	Owner's Equity
a.	$78,500	$37,600	$fill in the blank 1
b.	$fill in the blank 2	$53,280	$145,000
c.	$49,500	$fill in the blank 3	$34,000

5. EX.01.236

Use the accounting equation to answer each of the following independent questions.

a. At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner's equity at the end of the year?
$fill in the blank 1

b. At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?
$fill in the blank 2

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