According to the Accounting Equation,if Assets Equal $4000 and Liabilities
According to the accounting equation,if assets equal $4000 and liabilities equal $1500,then owner's equity would equal
E) It is not possible to tell with the information given.
Jerry's Harley-Davidson Specialty Shop owes money to Johnson's Bookkeeping Services.This money is a(n)________ to Jerry's business.
C) owners' equity
Which of the following is correct with respect to the issue of owners' equity?
A) Owners' equity is meaningful for investors,but not for lenders.
B) If a company's assets exceed its liabilities,owners' equity will be negative.
C) Owners' equity consists of two sources of capital: the amount the owners originally invested and the amount of government loans the company has received.
D) Even if a company operates profitably,its liabilities may increase faster than its assets.
E) The basic accounting equation can be rewritten as follows: owners' equity equals assets minus liabilities.
Financial statements fall into three broad categories,which are
A) debits,credits,and loans.
B) income statements,balance sheets,and statements of cash flows.
C) assets,liabilities,and owners' equity.
D) cash,marketable securities,and goodwill.
E) budgets,income statements,and profit-and-loss statements.