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Instead of the accounting equation Assets Liabilities Owners Equity the expanded accounting equation is.
Expanded accounting equation formula. For a proprietary concern the equation will be. The expanded accounting equation reveals all of the components of the shareholders equity part of the accounting equation. The expanded accounting equation for a sole proprietorship is.
Total Assets - Liabilities Equity. The expanded equation is given as. Assets Owners Capital Income Expenses Owners Drawings Liabilities As the equity component of corporations is slightly different from that of sole proprietorship so its expanded accounting equation is also different.
The expanded accounting equation for a corporation is. Now that we also understand the terms Revenue Expense and Drawings we can finally understand the accounting equation in its complete form. When using the Expanded Accounting Equation include all elements of the owners equity or stockholders equity including gains losses and other accumulated comprehensive income if applicable.
In this form of equation we only play with equity portion and leave the assets and liabilities as it is. Assets Liabilities Paid in Capital - Dividends - Treasury Stock Revenue - Expenses. Assets Liabilities Capital Retained Earnings.
Both the assets and liabilities section of the basic equation remains the same in the expanded equation. The expanded Accounting Equation formula gives us the relation between the income statement and balance sheet. Expanding the equity section shows how equity created from two main.
Expanded Accounting Equation for a Sole Proprietorship. The expanded equation is. Assets Liabilities Shareholders Equity Revenue Expenses Draws.
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