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This image displays a balance sheet from "The Great American Department Store," showing details of assets, liabilities, and equity as of October 31, 2012. Here's a breakdown of the key components:

### Assets ($)
- **Cash**: $20,000
- **Accounts Receivable**: $300
- **Total Assets**: $20,300

### Liabilities ($)
- **Accounts Payable**: Not specified yet ("X")
- **Total Liabilities**: Not calculated yet

### Total Equity ($)
- **Common Stock**: $10,300
- **Total Equity**: $10,300

### Missing Information
- **Liabilities**: The "Total Liabilities" (X) is not filled in. We can calculate this based on the accounting equation:
  
  \[
  \text{Assets} = \text{Liabilities} + \text{Equity}
  \]
  
  Plugging in the values:

  \[
  20,300 = X + 10,300
  \]

  Solving for $ X $ (Liabilities):

  \[
  X = 20,300 - 10,300 = 10,000
  \]

Thus, the **Total Liabilities** should be $10,000.

Would you like more details on the balance sheet calculation, or do you have any further questions?

Here are 5 related questions you might consider:
1. How do you derive the accounting equation from the balance sheet?
2. What other financial statements accompany a balance sheet?
3. What are accounts receivable and accounts payable in detail?
4. How does equity relate to assets and liabilities?
5. How do changes in assets affect equity and liabilities?

**Tip**: Always ensure the accounting equation balances, as it's the foundation of financial accounting!

How to calculate the missing Total Liabilities on a balance sheet using the accounting equation?

This example walks through how to calculate missing liabilities from a balance sheet for 'The Great American Department Store' as of October 31, 2012. By using the accounting equation (Assets = Liabilities + Equity), you can determine that the Total Liabilities are $10,000 based on Assets of $20,300 and Equity of $10,300. Ideal for students and professionals learning about financial statements.

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