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What is the amount of equity

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Reference no: EM13512304

Components of the accounting equation

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The following three requirements are independent of each other.

a. Michael's Motors has assets of $4,550 and net assets of $3,200. What is the amount of liabilities? What is the amount of claims?

b. Sweet Tooth Bakery has liabilities of $4,800 and equity of $5,400. What is the amount of assets? What is the amount of net assets?

c. Pam's Candy Co. has assets of $49,200 and liabilities of $28,200. What is the amount of equity? What is the amount of net assets?

Reference no: EM13512304

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