Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Roman
Question:
Use the expanded accounting equation to answer each of the following questions.
(a) The liabilities of Roman Company are $90,000. Owner’s capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Roman Company's total assets?
(b) The total assets of Dylan Company are $57,000. Owner’s capital account is $25,000; drawings arc S7,000; revenues, S52,000; and expenses, $35,000. What is the amount of the company’s total liabilities?
(c) The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner’s equity?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted: