Question

Is this correct?

The fundamental accounting equations for several businesses follow. Supply the missing amounts. 1. 2. 3. Assets l $ 27.600 = 5 s 24,000 = s 48,875 = 36,575 = S 54,800 = Liabilities + Owner's Equity 5 ,460 + $ 22.140 $ 5.080 + 18.920 5 38,525 + 5 10,350 5 4,300 + S 32.275 $ 29,725 + S 25.075 5.1

Answer 1

Accounting equation arises due to double accounting system of reporting financial transaction
Formula to calculate accounting equation
Total assets = Total liabilities + Total owner's equity
Situation 1
Owner's equity	Total assets - Total liabilities
Owner's equity	27600-5460
Owner's equity	$22,140
Situation 2
Owner's equity	Total assets - Total liabilities
Owner's equity	24000-5080
Owner's equity	$18,920
Situation 3
Total liabilities	Total assets - Owner's equity
Total liabilities	48875-10350
Total liabilities	$38,525
Situation 4
Total assets	Total liabilities + Owner's equity
Total assets	4300+32275
Total assets	$36,575
Situation 5
Total liabilities	Total assets - Owner's equity
Total liabilities	54800-25075
Total liabilities	$29,725