Describe the elements of the balance sheet equation.

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answerhappygod
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Describe the elements of the balance sheet equation.

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Answer: The balance sheet equation states that assets equal liabilities plus stockholders' equity.
Assets are a firm's economic resources such as cash, supplies, inventory, and equipment.
Liabilities are a firm's debts such as accounts payable and notes payable. Stockholders' equity
consists of common stock and retained earnings.
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