If assets are $215,611, opening equity is $51,318, liabilities are $125,940 and income is $74,094, expenses must be:

Question

If assets are $215,611, opening equity is $51,318, liabilities are $125,940 and income is $74,094, expenses must be:
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Solution 1

To find the expenses, we can use the accounting equation which is:

Assets = Equity + Liabilities

First, we need to find the closing equity. We know that equity changes when there is income or expenses. So, the equation becomes:

Closing Equity = Opening Equity + Income - Expenses

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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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