Use the accounting equation to answer each question below. 1. The assets of Aaron Company are $240,000,

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Use the accounting equation to answer each question below.

1. The assets of Aaron Company are $240,000, and the liabilities are $900,000. What is the amount of the owner’s equity?

2. The liabilities of Oak Company equal one-fifth of the total assets. The owner’s is $40,000. What is the amount of the liabilities?

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 22, 2012 11:37 PM

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Use the accounting equation to answer each question below. 1. The assets of Aaron Company are $240,000,

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1 Assets Liabilities Owners Equity 240000 90000 ...View the full answer

Principles of Accounting

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