FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On March 1, ABX Company's assets are $100,000 and its liabilities are $30,000. On March 5, ABX is fined $15,000 for failing
emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX?
March 1
Change
March 5
$
$
Assets
100,000 =
85,000 =
Liabilities
30,000 +
+
+
$
Equity
70,000
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Transcribed Image Text:On March 1, ABX Company's assets are $100,000 and its liabilities are $30,000. On March 5, ABX is fined $15,000 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? March 1 Change March 5 $ $ Assets 100,000 = 85,000 = Liabilities 30,000 + + + $ Equity 70,000
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