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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
Topic Topic: write the accounting equation Post ReplyNew Question
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Nikkij19
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Joined: 10 July 2007
Location: United States
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Posted: 10 July 2007 at 9:03pm | IP Logged Quote Nikkij19

1.      Chuck McElravy owns Common Grounds Coffee House, near the campus of Manatee College.  The business has cash of $2,000 and furniture that cost $8,000.  Debts include accounts payable of $1,000 and a $6,000 note payable.  How much equity does McElravy have in the business?  Using McElravy's figures, write the accounting equation of Common Grounds Coffee House.

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Maiza
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Joined: 31 July 2007
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Posted: 31 July 2007 at 3:25pm | IP Logged Quote Maiza

hello...

i dun know whether its right or wrong...im jt try ok?

ASET = LIABILITY + EQUITY

Cash and furniture is aset, so we add up both.Total is $ 10, 000.

A/c payable and note payable is liabitiy.Total is $ 7,000.

We deduct $ 10, 000 - $ 7, 000.So, the equity is $ 3,000

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