QUESTION 1The accounting equation for Wren Enterprises is as follows:Owner'sAssetsLiabilitiesEquity$96,000$160,000$64,000+The company received cash from customers for $1,000 worth of services performed in the prior month.Calculate total liabilities after the performance of services.

As per accounting equation, Assets = liabilities + equity

Answered: QUESTION 1 The accounting equation for…

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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QUESTION 1 The accounting equation for Wren Enterprises is as follows: Owner's Equity $96,000 Assets Liabilities $160,000 $64,000 + The company received cash from customers for $1,000 worth of services performed in the prior month. Calculate total liabilities after the performance of services.