General
What is the accounting equation?
Assets = Liabilities + Owner's equity
Owner's equity = Assets - Liabilities
Liabilities = Assets - Owner's equity
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
$6000
An economic resource that is expected to be of benefit in the future
Asset
Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
$5,000
Working capital is a measure of
Liquidity
If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:
net income of $35,000
A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages
Fixed Cost
On 1 February 2017 Katya's fixtures and fittings had a net book value of $12 950. She purchased fixtures, $2250, during the year. Depreciation for the year ended 31 January 2018 was $4900.
What was the net book value of fixtures and fittings on 31 January 2018?
$10,300