Let's go through the
Accounting Equation Worksheet step by step. The fundamental accounting equation is:
>
Assets = Liabilities + Owner’s Equity
We’ll solve each problem using this equation.
---
1. $30,000 = ___ + $10,000
We are given:
- Assets = $30,000
- Owner’s Equity = $10,000
We need to find
Liabilities.
Using the formula:
> Liabilities = Assets – Owner’s Equity
> Liabilities = $30,000 – $10,000 =
$20,000
✔ So, the blank is
$20,000 → Correct!
---
2. $28,000 = $18,500 + ____
Given:
- Assets = $28,000
- Liabilities = $18,500
Find
Owner’s Equity.
> Owner’s Equity = Assets – Liabilities
> = $28,000 – $18,500 =
$9,500
✔ So, the blank is
$9,500 → Correct!
---
3. ____ = $17,300 + $12,000
Given:
- Liabilities = $17,300
- Owner’s Equity = $12,000
Find
Assets.
> Assets = Liabilities + Owner’s Equity
> = $17,300 + $12,000 =
$29,300
✔ So, the blank is
$29,300 → Correct!
---
4. If Assets = $85,000 and Owner’s Equity = $14,000, what is the value of Liabilities?
Use:
> Liabilities = Assets – Owner’s Equity
> = $85,000 – $14,000 =
$71,000
✔ Answer:
$71,000 → Correct!
---
5. If Liabilities = $56,400 and Owner’s Equity = $34,350, what is the value of Assets?
> Assets = Liabilities + Owner’s Equity
> = $56,400 + $34,350 =
$90,750
✔ Answer:
$90,750 → Correct!
---
6. If Assets = $34,890 and Liabilities = $20,000, what is the value of Owner’s Equity?
> Owner’s Equity = Assets – Liabilities
> = $34,890 – $20,000 =
$14,890
✔ Answer:
$14,890 → Correct!
---
✔ Final Answers Summary:
1. $30,000 =
$20,000 + $10,000
2. $28,000 = $18,500 +
$9,500
3.
$29,300 = $17,300 + $12,000
4. Liabilities =
$71,000
5. Assets =
$90,750
6. Owner’s Equity =
$14,890
All answers provided in the worksheet are
correct! 🎉
This worksheet demonstrates how the accounting equation balances across different scenarios. Remember:
Assets always equal Liabilities plus Owner’s Equity — it's the foundation of double-entry accounting.
Parent Tip: Review the logic above to help your child master the concept of accounting equation worksheet.
