Accounting equation : Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below: Assets = Liabilities + Owners' Equity To solve : For owners’ equity as of December 31, 2017, using accounting equation.

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Answer 1

Question

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

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Answer 2

Question

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

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Answer 3

Question

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

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Answer 4

Question

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

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Answer 5

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

Answer 6

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

Answer 7

Chapter 1, Problem 1.2BE

(a)

To determine

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' Equity

To solve: For owners’ equity as of December 31, 2017, using accounting equation.

Answer 8

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

Answer 9

(b)

To determine

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Solution Summary: The author explains accounting equation as an accounting tool expressed in the form of equation, by creating a relationship between the resources, assets, and claims by the creditors and owners.

To solve: For owners’ equity as of December 31, 2018, using accounting equation.

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Chapter 1 Solutions