Question: Given the basic accounting equation, answer each of the following independent questions. a. The assets of Harvick Company are $800,000, and the liabilities are $300,000.

Given the basic accounting equation, answer each of the following independent questions.

a. The assets of Harvick Company are $800,000, and the liabilities are $300,000. What is the amount of Harvick Company’s owner’s equity?

b. The liabilities of Patrick Company are $220,000, and the owner’s equity is $680,000. What is the amount of Patrick Company’s total assets?

c. The total assets of Busch Company are $200,000, and its owner’s equity is $60,000. What is the amount of Busch Company’s total liabilities?

d. The total assets of Stewart Company are $700,000, and its liabilities are equal to one-half of its total assets. What is the amount of Stewart Company’s owner’s equity?

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