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ACCT 212 WEEK 1 QUIZ

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Exam Help for DeVry Students Answer Explanation: The accounting equation states that Assets = Liabilities + Equity (Another way to write this statement is Liabilities = Assets – Equity). Assets are things owned by the business with future value. Cash, receivables (amounts owed to the bu...

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  • July 3, 2023
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  • 2022/2023
  • Exam (elaborations)
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ACCT 212 Week 1 Quiz

(Questions & Answers)

ACCT 212 Financial Accounting
Exam Help for DeVry Students




Answer Explanation:
The accounting equation states that Assets = Liabilities + Equity (Another way to write this statement is
Liabilities = Assets – Equity). Assets are things owned by the business with future value. Cash,
receivables (amounts owed to the business), office equipment, delivery trucks, and a building are all
examples of assets that a typical business might own. In this example the Assets are Cash and
Accounts Receivable. Equity is the portion of the assets that are owned by the shareholders. It
represents the amounts invested by the owners and the amount of profits that have been retained (not
distributed back to the owners) over time. In this example the Equity is Common Stock and Retained
Earnings. Therefore the solution to the question is:

Liabilities = Cash ($28000) + Accounts Receivable ($44000) – Common Stock ($19000) – Retained
Earnings $12,000; whereas Liabilities = $41000

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