Liability and Balance Sheet: Test Questions

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Balance Sheet ExercisesName _____________________

A. The accounting equation can be expressed as: Assets minus Liabilities equals Owner’s Equity. In other words, Own minus Owe equals Worth. Complete the table below:

|Assets |Liabilities |Owner’s Equity | |$ 2,397 |$ 1,457 |1. | |$ 12,629 |$ 9,462 |2. | |$ 50,388 |$ 5,294 |3. | |4. |$62,300 | $ 2,937 | |5. |$ 4,543 | $94,123 | |$ 8,832 |6. | $ 8,000 | |$ 4,765 |7. | $ 400 | |$ 120,654 |$38,621 |8. |

B. Complete the blanks below. Calculate the percents as a fraction of assets rounded to two decimal places.

|Bill's Bath Shoppe | |Balance Sheet | |31-Dec-10 | | | | | |Assets |Amount |Percent | |Cash | $ 5,400.00 |13. | |Inventory | $ 3,200.00 |14. | |Supplies | $ 1,298.00 |15. | |Prepaid Insurance | $ 300.00 |16. | |Office Equipment | $ 10,400.00 |17. | |Building | $...
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