Question

Presented below is the basic accounting equation. Determine the missing amounts. Assets = Liabilities + Owner’s Equity
(a) $80,000 $59,000
(b) $ $47,000 $65,000
(c) $88,000 $ $54,000

Answer 1

Answer:

a. $21,000

b. $112,000

c. $34,000

Explanation:

Based on the placements of the $, i am assuming that the missing amount in :

a. is  Owner’s Equity

b. Assets

c Liabilities

a.  $80,000 =  $59,000 + Owner’s Equity

Owner’s Equity = $80,000 -  $59,000 = $21,000

b. Assets = $47,000 $65,000

Assets = $112,000

c. $88,000 = Liabilities + $54,000

Liabilities = $88,000 - $54,000 = $34,000