Please refer to the following information to answer question 12 and 13:Misra Company compiled the following financial information as of December 31, 2021:Revenues$170,000Owner's Capital (1/1/21)EquipmentExpenses70,00040,000125,000Cash45,000Owner's Drawings10,000SuppliesAccounts payable5,00020,000Accounts receivable35,00012. Misra's assets on December 31, 2021 areА. $90,000.В. S125,000.C. $180,000.D. $245,000.13. Misra's owner's equity on December 31, 2021 isA. $45,000.B. $70,000.C. $105,000.D. $125,000.

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Description: Please refer to the following information to answer question 12 and 13:Misra Company compiled the following financial information as of December 31, 2021:Revenues$170,000Owner's Capital (1/1/21)EquipmentExpenses70,00040,000125,000Cash45,000Owner's D

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Please refer to the following information to answer question 12 and 13: Misra Company compiled the following financial information as of December 31, 2021: Revenues $170,000 Owner's Capital (1/1/21) 70,000 Equipment Expenses 40,000 125,000 Cash 45,000 Owner's Drawings 10,000 Supplies 5,000 Accounts payable 20,000 Accounts receivable 35,000 12. Misra's assets on December 31, 2021 are A. $90,000. В. S125,000. C. $180,000. D. $245,000. 13. Misra's owner's equity on December 31, 2021 is A. $45,000. В. $70,000. C. $105,000. D. $125,000.

Please refer to the following information to answer question 12 and 13: Misra Company compiled the following financial information as of December 31, 2021: Revenues $170,000 Owner's Capital (1/1/21) 70,000 Equipment Expenses 40,000 125,000 Cash 45,000 Owner's Drawings 10,000 Supplies 5,000 Accounts payable 20,000 Accounts receivable 35,000 12. Misra's assets on December 31, 2021 are A. $90,000. В. S125,000. C. $180,000. D. $245,000. 13. Misra's owner's equity on December 31, 2021 is A. $45,000. В. $70,000. C. $105,000. D. $125,000.

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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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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