Use the accounting equation to compute the missing financial statement amounts in the two separate cases a and b.a. Total assets equal $83,000. Equity and liability amounts are equal to each other. Compute total liabilities and total equity.b. Total liabilities equal $21,500. Total equity is $31,500. Compute total assets.AssetsLiabilities+Equitya.$83,000 =+b.=$21,500 + $31,500

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

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Use the following information to perform the calculations below (using the indirect method). Net income. Depreciation expense Beginning accounts receivable Ending accounts receivable Beginning inventory Ending inventory Beginning prepaid insurance Ending prepaid insurance $400,000 91,000 429,000 433,000 514,000 578,000 40,700 46,400 Beginning accounts payable Ending accounts payable Purchase of long-term assets Issuance of long-term debt Issuance of stock for cash Issuance of stock for long-term assets Purchase of treasury stock Sale of long-term investment at cost $122,000 145,000 754,000 264,000 167,000 105,000 64,500 54,500

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