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1. a. Total assets of Caldwell Company equal $40,000 and its equity is $10,000. What is the amount of its liabilities?
b. Total assets of Water world equal $55,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity?
2. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).
Company Assets = Liabilities+ Equity
1
$ 30,000
$ (a)
$ 20,000
2
(b)
50,000
30,000
3
90,000
10,000
(c)
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