Given the accounting equation, answer each of the following questions (a) The liabilities of McGlone Company are $120,000 and the owners equity is $232,000.What is the amount of McGlone Companys total assets? (b) The total assets of Company are $190,000 and its owners equity is $80,000. What is the amount of its total liabilities? (c) The total assets of McGlone

Chapter 1, Brief Exercises #2
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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Related Book For answer-question

Accounting Principles

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-0470533475