Use the accounting equation to answer each question that follows. Show any calculations you make.
1. Oshkosh Company’s assets are $400,000, and its owner’s equity is $155,000. What is the amount of its liabilities?
2. Salvatore Company’s liabilities and owner’s equity are $72,000 and $79,500, respectively. What is the amount of the assets?
3. Radisson Company’s liabilities equal one-third of the total assets, and owner’s equity is $160,000. What is the amount of its liabilities?
4. At the beginning of the year, Sun Company’s assets were $275,000, and its owner’s equity was $150,000. During the year, assets increased $75,000 and liabilities decreased $22,500. What is the owner’s equity at the end of the year?