Problem #3: Using the accounting equation, complete the following problem by filling in the yellow highlighted cells.

Question

Problem #3: Using the accounting equation, complete the following problem by filling in the yellow highlighted cells. 10 pts. As of December 31, 2018 As of December 31, 2019 Total Assets $ 1,500,000 Total Liabilities 700,000 1,400,000 Total Equity $ 800,000 $ 900,000 Ending Equity (Equity as of December 31,2019) Beginning Equity (Equity as of December 31,2018) Increase in Equity

Help In Homework · Accepted Answer

Hope you are fine and doing well. I have tried to explain the logic behind them, you please go through it. Hope it could help you out, and Please like the solution if you find your correct answer! happy learning :) According to accounting equation, assets is equal to capital that is equity plus liabilities. As of December 31, 2018 As of December 31, 2019 Total Assets $ 1,500,000 =Total liabilities plus total equity =14,00,00+9,00,000 =23,00,000 $ Total Liabilities 700,000 1,400,000 Total Equity $ 800,000 $ 900,000 Ending Equity (Equity as of December 31,2019) 9,00,000 Beginning Equity (Equity as of December 31,2018) 8,00,000 Increase in Equity = Ending equity minus beginning equity =9,00,000 -8,00,000 = 1,00,000 $

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Problem #3: Using the accounting equation, complete the following problem by filling in the yellow highlighted cells

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Archived Solution

Problem #3: Using the accounting equation, complete the following problem by filling in the yellow highlighted cells.			10 pts.

	As of December 31, 2018	As of December 31, 2019
Total Assets	$ 1,500,000
Total Liabilities	700,000	1,400,000
Total Equity	$ 800,000	$ 900,000


Ending Equity (Equity as of December 31,2019)
Beginning Equity (Equity as of December 31,2018)
Increase in Equity