Homework Help is Here – Start Your Trial Now!
Business
Accounting
Total Assets..... Total Liabilities...... Net Income .... Total Equity. ? ? ? ?

Total Assets..... Total Liabilities...... Net Income .... Total Equity. ? ? ? ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please help with d (total equity).

Account Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation-building Accounts payable Wages payable Unearned rental revenue Common stock Retained earnings Dividends Rental revenue Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense Property tax expense Insurance expense Total Trial Balance Worksheet June 30, 2018 $ Trial Balance Debit 8,800 6,300 4,700 2,000 3,000 70,100 4,100 500 1,500 1,000 $ $ 102,000 $ Credit 8,200 6,600 2,000 13,000 41,000 30,200 1,000 $ Adjusted Trial Balance Debit Credit 102,000 $ 8,800 6,870 100 4,700 300 1,900 70,100 4,100 1,000 1,700 500 2,350 1,000 1,100 $ 104,520 $ 9,200 6,600 850 1,300 13,000 41,000 31,470 1,100 104,520
Transcribed Image Text:Account Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation-building Accounts payable Wages payable Unearned rental revenue Common stock Retained earnings Dividends Rental revenue Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense Property tax expense Insurance expense Total Trial Balance Worksheet June 30, 2018 $ Trial Balance Debit 8,800 6,300 4,700 2,000 3,000 70,100 4,100 500 1,500 1,000 $ $ 102,000 $ Credit 8,200 6,600 2,000 13,000 41,000 30,200 1,000 $ Adjusted Trial Balance Debit Credit 102,000 $ 8,800 6,870 100 4,700 300 1,900 70,100 4,100 1,000 1,700 500 2,350 1,000 1,100 $ 104,520 $ 9,200 6,600 850 1,300 13,000 41,000 31,470 1,100 104,520
Total Assets... Total Liabilities. . . . . Net Income .... Total Equity..... ? ? ? ?
Transcribed Image Text:Total Assets... Total Liabilities. . . . . Net Income .... Total Equity..... ? ? ? ?
Expert Solution
Step 1

Accounting equation is one of the fundamental concept used in accounting. It says that total assets must be always equal to total liabilities and equity. In case there is any mismatch, then there is some error in recording and accounting.

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS