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Determine the missing amount for each of the following: Assets = Liabilities + Owner's Equity a
Determine the missing amount for each of the following:
| Assets | = | Liabilities | + | Owner's Equity |
|---|---|---|---|---|
| a. X | = | $376,000 | + | $895,000 |
| b. $1,375,000 | = | X | + | $855,000 |
| c. $863,500 | = | $211,000 | + | X |
Expert Solution
| Assets | = | Liabilities | + | Owner's Equity |
|---|---|---|---|---|
| a. $1,271,000 | = | $376,000 | + | $895,000 |
| b. $1,375,000 | = | $520,000 | + | $855,000 |
| c. $863,500 | = | $211,000 | + | $652,500 |
Computation:
a. Assets = Liabilities + Owner's Equity
X = $376,000 + 895,000
X = $1,271,000
b. Liabilities = Assets - Owner's Equity
X = $1,375,000 - 855,000
X = $520,000
c. Owner's Equity = Assets - Liabilities
X = $863,500 - 211,000
X = $652,500
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