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How do I calculate expenses from an extended accounting equation?
How do I calculate expenses from an extended accounting equation?
Expert Solution
The Accounting Equation is as follows:
Assets = Liabilities + Equity
The extended accounting equation (which breaks up the current equity component) is:
Assets = Liabilities + Beginning Equity + Revenue - Expenses - Dividends
Therefore, to solve for expenses, the equation is:
Expenses = Liabilities + Beginning Equity + Revenue - Dividends - Assets
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