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Unformatted text preview: 5. If cash is $2000; equipment is $5000; accounts payable is $1500, how much is owners' equity? Your Answer: $5,500 6. If owners' equity is $4000; equipment is $5000; accounts payable is $500, how much is cash? Your Answer: Some other amount Same note as above Correct Answer: $500 A = L + OE 7. If total assets increase: Your Answer: Owners' equity and/or liabilities must increase...
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- Spring '10
- Balance Sheet, Generally Accepted Accounting Principles