What is the total liabilities and owner’s equity in the balance sheet you prepared in
Exam Figure 4?
Exam Figure 4???
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To determine the total liabilities and owner's equity in the balance sheet you prepared in Exam Figure 4, you will need to locate the balance sheet and identify the relevant accounts.
1. Start by locating the balance sheet in Exam Figure 4. The balance sheet is typically presented as a financial statement that reports a company's assets, liabilities, and owner's equity at a specific point in time.
2. Once you have found the balance sheet, look for the section that lists the liabilities. Liabilities represent the financial obligations or debts owed by the company. Common liability accounts include accounts payable, short-term loans, long-term loans, accrued expenses, and other obligations.
3. Identify each liability account listed in the balance sheet and add up their respective balances. This sum will give you the total liabilities of the company.
4. Next, find the section that presents the owner's equity. Owner's equity represents the residual interest in the assets of the company after deducting liabilities. It represents the owner's claim on the business's assets.
5. Identify each owner's equity account listed in the balance sheet. Common owner's equity accounts include common stock, retained earnings, and additional paid-in capital.
6. Add up the balances of each owner's equity account to calculate the total owner's equity of the company.
7. Finally, add the total liabilities and the total owner's equity together to obtain the total liabilities and owner's equity for the balance sheet you prepared in Exam Figure 4.
By following these steps, you should be able to determine the total liabilities and owner's equity in the balance sheet.