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State the accounting equation and define its components

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Reference no: EM132748192

Questions -

Q1. State the accounting equation, and define its components.

Q2. Al Mulla Company began operations on October 1, 2020. Presented below is selected information related to Al Mulla Company at October 31, 2020.

Equipment

£190,000

Utilities Expense

£34,000

Cash

75,000

Salaries and Wages Expense

120,000

Accounts Receivable

98,000

Accounts Payable

54,000

Service Revenue

390,000

Share Capital-ordinary

145,000

Rent Expense

32,000

Dividends

70,000

Notes Payable

30,000

 

 

Required -

1. Calculate total assets.

2. Calculate total liabilities.

3. Calculate total equity.

4. Calculate retained earnings.

Reference no: EM132748192

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