BE$1-1$ Presented below is the basic accounting equation $($in thousands$).$ Determine the missing amounts.

$,\frac{\text{A}\text{s}\text{s}\text{e}\text{t}\text{s}}{?}=,\frac{\text{L}\text{i}\text{a}\text{b}\text{i}\text{l}\text{i}\text{t}\text{i}\text{e}\text{s}}{?}+50,000$ Equity

$(a)90,000,45,000,70,000$

$(b)?,?,60,000$

$(c)94,000,$

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Financial$\_$Accounting$\_$IFRS$\_$Edition$\_2$e$\_$th$.$pdf

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$($c$)$ An employee is fired.

BRIEF EXERCISES

BE$1-1$ Presented below is the basic accounting equation $($in thousands$).$ Determine the Use basic accounting missing amounts.

Assets $=,\frac{\text{L}\text{i}\text{a}\text{b}\text{i}\text{l}\text{i}\text{t}\text{i}\text{e}\text{s}}{?}+\frac{\text{E}\text{q}\text{u}\text{i}\text{t}\text{y}}{?}$

$(a)90,000,50,000,?$

$(b)?,45,000,70,000$

$(c)94,000,?,60,000$ equation.

$($LO $6)$

$341$ Accounting in Action

Use basic accounting equation.

$($LO $6)$

BE$1-2$ Given the accounting equation, answer each of the following questions.

$($a$)$ The liabilities of Shumway Company are $$120,000$ and the equity is $$232,000.$ What is the amount of Shumway Company's total assets?

$($b$)$ The total assets of Shumway Company are $$190,000$ and its equity is $$80,000.$ What is