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