Question

Given the accounting equation, answer each of the following questions
(a) The liabilities of McGlone Company are $120,000 and the owner’s equity is $232,000.What is the amount of McGlone Company’s total assets?
(b) The total assets of Company are $190,000 and its owner’s equity is $80,000. What is the amount of its total liabilities?
(c) The total assets of McGlone Co. are $800,000 and its liabilities are equal to one half of its total assets. What is the amount of McGlone Co.’s owner’s equity?



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  • CreatedSeptember 20, 2011
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