Use the information to answer questions below Years Current Assets Liabilities Fixed Assets Capital # # # # 2018 52550 78600 127450 X 2017 41650 53220 Y 116...

Assessment: WAEC SSCE - Financial Accounting - 2022 (Objective) Subject: Financial Accounting

Question 1 Report

Use the information to answer questions below

Years	Current Assets	Liabilities	Fixed Assets	Capital
	#	#	#	#
2018	52550	78600	127450	X
2017	41650	53220	Y	116780

The letter X represents

#78,600

#180,000

#101,400

#258,600

Answer Details

The letter X represents #101,400. This is because the formula for the balance sheet equation is Assets = Liabilities + Capital. Therefore, X can be calculated by subtracting the sum of the Current Assets and Fixed Assets in 2018 from the sum of Liabilities and Capital in 2018: X = Liabilities + Capital - (Current Assets + Fixed Assets) X = #78,600 + Capital - (#52,550 + #127,450) X = #78,600 + Capital - #180,000 X = #101,400 + Capital Since the value of Capital is not provided in the table for 2018, we cannot determine the exact value of X.

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The Final Accounts Of A Sole Trader

Principles Of Double Entry

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Use the information to answer questions below Years Current Assets Liabilities Fixed Assets Capital # # # # 2018 52550 78600 127450 X 2017 41650 53220 Y 116...

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