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3 years ago

Handyman Services has total assets for the year of and total liabilities of $9,400.Requirements

Business

1 answer:

Vinvika [58]3 years ago

6 0

The question is incomplete. The complete question is stated below,

Handyman Services has total assets for the year of $14, 700 and total liabilities of $9,400.

Requirements ,

1. Use the accounting equation to solve for equity.

2. If next year assets increased by $3,700 and equity decreased by $1,740, what would be the amount of total liabilities for Hill CountryHill Country Handyman Services?

Answer:

Total Equity = $5300

Total Liabilities = $14840

Explanation:

The basic accounting equation states that the value of total assets is always equal to the sum of the values of total liabilities and the total equity. Thus, the equation can be written as,

Total Assets = Total Liabilities + Total Equity

14700 = 9400 + Total Equity

14700 - 9400 = Total Equity

Total Equity = $5300

The new value of assets and equity after increase is,

Total Assets = 14700 + 3700 = $18400

Total Equity = 5300 - 1740 = $3560

So, the new value of total liabilities will be,

Total Assets = Total Liabilities + Total Equity

18400 = Total Liabilities + 3560

18400 - 3560 = Total Liabilities

Total Liabilities = $14840

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