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2 years ago

Using the expanded accounting equation, solve for the missing amount

Business

1 answer:

AveGali [126]2 years ago

6 0

Answer:

The expanding accounting equation is:

Assets = Liabilities + Stockholders Equity

[Common Stock + Retained Earnings]

(Revenues - Expenses - Dividends)

Now, we replace the amounts in the formula

$84,325 = $2,560 + X

[ X + R ]

($54,780 - $28,125 - $13,450)

$84,325 = $2,560 + X

[ X + R ]

($54,780 - $28,125 - $13,450)

$84,325 = $2,560 + X

[ X + $13,205 ]

$84,325 = $2,560 + X

[ 68,560 + $13,205 ]

$84,325 = $2,560 + $81,765

Both sides are now equal to $84,325

Thus, Common Stock = $68,560

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