Total Assets, Liabilities, and Shareholders' Equity Are $7,000, $5,000, and $2,000

question 41

Essay

Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $2,000 before a new machine is purchased for $500 cash. What are the new amounts of assets, liabilities, and shareholders' equity after this event?

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Definitions:

Monozygotic Twins

Identical twins that develop from one zygote, which splits and forms two embryos, sharing exactly the same genetic material.

Dizygotic Twins

Also known as fraternal twins, these are siblings that are born at the same time but have developed from two different eggs fertilized by two different sperm.

Environmental Shared

The portion of the environment that is experienced identically by individuals, often used in contrast to "non-shared environment" in studies of heritability.

Monozygotic Twins

Identical twins originating from the division of a single fertilized egg, sharing all of their genetic material.