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Accounting Exercise
Accounting Exercise
Norman Ulrich is the owner of Metropolitan Cartage Company in Halifax, Nova Scotia.
His personal and business assets are listed below.
a) Separate the amount list below into the two columns provided.
b) Calculate the total assets and the total liabilities in each column.
c) Calculate Norm Ulrichs personal net worth and his equity in Metropolitan Cartage Company.
b) If a companys liabilities increase by $25 000 and its equity decreases by $5 000, what change
occurs in the assets? Show your calculations.
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Assets=Liabiltity+Equity
A=25 000-5 000
A=20 000