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Assets = Liabilities + ?
Assets = Liabilities + ?. Select the missing term:
A. Drawing
B. Capital
C. Expenses
D. Net Income
E. Revenues
Select the financial statement that the equation illustrates:
A. Balance Sheet
B. Income Statement
C. Equity Statement
Expert Solution
The answers are B and A.
The accounting equation is:
Assets = Liabilities + Capital
The financial statement that illustrate the accounting equation is the balance sheet, since this involves permanent accounts.
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