Exercise 1-4 Key definitions and missing information in the accounting equation Required a. Match the terms (identified as a through g) with the definitions and phrases (marked I through 7) For example the term "a. Assets" matches with definition 7. Economic resources that will be used by a business to produce revenue. a. Assets 1. Individuals or institutions that have contributed assets or services to a business in exchange for an ownership interest in the business. 2. Common Stock + Retained Earnings. 3. Certificates that evidence ownership in a company. 4. Assets - Liabilities - Common Stock. b. Common Stock c. Creditors d. Liability e. Retained Earnings I f. Stockholders 6. Individuals or institutions that have loaned goods or services to a business. 9. Stockholders' Equity 7. Economic resources that will be used by a business to produce revenue. b. Calculate the missing amounts in the following table: Stockholders' Equity Retained +Earnings $50,000 30,000 42,000 Common Stock Liabilities $25,000 15,000 Company Assets $48,000 7,000 40,000 75,000 125,000 60,000 45,000