
Financial Statement:
The Financial statement is the part of
Assets:
Assets are the resources that a company needs to run the business. An asset is economic resources of the company.
Liabilities:
Liabilities are generally the amount owned by the company from lenders, suppliers, or a bank. Liabilities are the burden on the company that they have to pay to others.
Equity:
The company need finance to run the business. Equity is one of the methods through which the company raises the capital.
The assets, liabilities and equity relation known as the accounting equation. Assets are the resources of company and that increase as business expand whereas liabilities are the burden on company that has to pay in future, Equity means the owner claim on assets. An Accounting Equation represent the Assets of the Company are equal to the liabilities and Equity of the company.
(a) To identify:
The amount of assets liabilities and equity.
(b) To verify:

Want to see the full answer?
Check out a sample textbook solution
Chapter 1 Solutions
GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
- What would be his recognize gain ?arrow_forwardLynn Inc has provided the following data from its activity-based systemarrow_forwardThe GNR Manufacturing Co. recorded overhead costs of $21,500 at an activity level of 5,000 machine hours and $8,000 at 2,500 machine hours. The records also indicated that overhead of $10,000 was incurred at 4,200 machine hours. Using the high-low method to estimate the cost equation, determine the variable cost per machine hour.arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





