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Given the accounting equation, answer each of the following questions. a. The liabilities of Shumway Ltd. are 120,000 and the equity is 232,000. What is the amount of Shumway Ltd.s total assets? b. The total assets of Shumway Ltd. are 190,000 and its equity is 80,000. What is the amount of its total liabilities?

Chapter 1, Brief Exercises #2

Given the accounting equation, answer each of the following questions.

a. The liabilities of Shumway Ltd. are £120,000 and the equity is £232,000. What is the amount of Shumway Ltd.’s total assets?

b. The total assets of Shumway Ltd. are £190,000 and its equity is £80,000. What is the amount of its total liabilities?

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(a) 120,000 + 232,00…View the full answer

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Related Book For answer-question
Financial Accounting with International Financial Reporting Standards

Financial Accounting with International Financial Reporting Standards

4th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-1119504306

Related Video

The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.

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