We read your photo as:

Using the fundamental accounting equation and its derivations, calculate the missing values in the following table entries.

Accounting

ScanSolve AI Answer

Answers

6 parts
a

N 51,746\text{N } 51,746

b

N 222,136\text{N } 222,136

c

N 157,995\text{N } 157,995

d

N −107,601\text{N } -107,601

e

N 26,000\text{N } 26,000

f

N 528,000\text{N } 528,000

The fundamental accounting equation is:

Assets=Liabilities+Equity\text{Assets} = \text{Liabilities} + \text{Equity}

From this, we can derive:

Equity=Assets−Liabilities\text{Equity} = \text{Assets} - \text{Liabilities} Liabilities=Assets−Equity\text{Liabilities} = \text{Assets} - \text{Equity} Assets=Liabilities+Equity\text{Assets} = \text{Liabilities} + \text{Equity}

We will use these formulas to complete the table.

a) Calculate Equity:

Equity=Assets−Liabilities\text{Equity} = \text{Assets} - \text{Liabilities} Equity=95,000−43,254\text{Equity} = 95,000 - 43,254 Equity=N 51,746\text{Equity} = \boxed{\text{N } 51,746}

b) Calculate Assets:

Assets=Liabilities+Equity\text{Assets} = \text{Liabilities} + \text{Equity} Assets=173,200+48,936\text{Assets} = 173,200 + 48,936 Assets=N 222,136\text{Assets} = \boxed{\text{N } 222,136}

c) Calculate Liability:

Liabilities=Assets−Equity\text{Liabilities} = \text{Assets} - \text{Equity} Liabilities=367,100−209,105\text{Liabilities} = 367,100 - 209,105 Liabilities=N 157,995\text{Liabilities} = \boxed{\text{N } 157,995}

d) Calculate Equity:
Assumption: The asset value "1,105,27" is interpreted as N 1,105,270.

Equity=Assets−Liabilities\text{Equity} = \text{Assets} - \text{Liabilities} Equity=1,105,270−1,212,871\text{Equity} = 1,105,270 - 1,212,871 Equity=N −107,601\text{Equity} = \boxed{\text{N } -107,601}

e) Calculate Liability:

Liabilities=Assets−Equity\text{Liabilities} = \text{Assets} - \text{Equity} Liabilities=88,000−62,000\text{Liabilities} = 88,000 - 62,000 Liabilities=N 26,000\text{Liabilities} = \boxed{\text{N } 26,000}

f) Calculate Assets:

Assets=Liabilities+Equity\text{Assets} = \text{Liabilities} + \text{Equity} Assets=418,000+110,000\text{Assets} = 418,000 + 110,000 Assets=N 528,000\text{Assets} = \boxed{\text{N } 528,000}

Completed Table:

Assets (N)Liability (N)Equity (N)
(a)95,00043,25451,746
(b)222,136173,20048,936
(c)367,100157,995209,105
(d)1,105,2701,212,871-107,601
(e)88,00026,00062,000
(f)528,000418,000110,000
Was this helpful?

Try one yourself

A new problem that tests the same skill.

Still stuck on this one?

Ask a follow-up, and the answer starts from this question.

Got a different question?Ask your own question
Handwritten step-by-step solution preview

Handwritten Step-by-Step Solution

Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.

Try on WhatsApp