Which of the following is not a satisfactory statement of the accounting equation?
a. Assets = Liabilities + Stockholders' Equity
b. Assets – Stockholders' Equity = Liabilities
c. Assets = Liabilities – Stockholders' Equity
d. Assets – Liabilities = Stockholders' Equity
C
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Indicate whether the statement is true or false
Cox, North, and Lee form a partnership. Cox contributes $186,000, North contributes $155,000, and Lee contributes $279,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $171,000 for its first year, what amount of income is credited to Cox's capital account? (Do not round your intermediate calculations.)
A. $51,300. B. $42,750. C. $58,800. D. $57,000. E. $76,950.
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Indicate whether this statement is true or false.