Answer:
(a) X = Total assets = $131,000
(b) X = total equity = $90,000
(c) X = total liabilities = $90,000
Explanation:
In this type of question, we use the accounting equation which is equals to
Total assets = Total liabilities + Total equity
This accounting equation is used to balance the financial statements so that proper accuracy and analysis can be made.
(a) X = $84,000 + $47,000
X = $131,000
X here means total assets.
(b) $120,000 = $30,000 + x
$120,000 - $30,000 = X
X = $90,000
Here, X = Total equity
(c) $152,000 = x + $62,000
$152,000 - $62,000 = X
X = $90,000
Here, X = Total liabilities
Hence, (a) X = Total assets = $131,000
(b) X = total equity = $90,000
(c) X = total liabilities = $90,000
