Question: Part A (25 points) Question 1 In words, explain why the balance sheet equation must balance. Question 2 What is the meaning of (owners) equity?

Part A (25 points)

Question 1 In words, explain why the balance sheet equation must balance.

Question 2 What is the meaning of (owners) equity?

Question 3 Downriver Excursions LLC buys a new boat on credit for $10,000. How does this affect the income statement, balance sheet, and statement of cash flows for that calendar year? What if anything will be affected and by how much?

Income Statement?

Balance Sheet?

Statement of Cash Flows?

Question 4 Webex, a dance club, saw a $40,000 drop in revenue during 2020 due to the Covid-19 virus. How will this affect the 2020 incomes statement, balance sheet, and statement of cash flows? What if anything will be affected and by how much?

Income Statement?

Balance Sheet?

Statement of Cash Flows?

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