Basic Accounting Equation Question
by Trina Brown
(Griffin, GA)
Before you begin: For purposes of exams and testing it's important to make sure you not only answer the questions correctly but are completing them at the right speed. Be sure to use a watch or clock to time yourself for this exercise.
Difficulty Rating:
Beginner
Time limit:
5 minutes

Using the accounting equation, determine the following amounts:
Owner's equity, as of December 31, 2012, assuming that assets increased by $156,000 and liabilities increased by $48,000 during 2012.
See comment further below for the answer to this question and detailed calculations...
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