# Given the accounting equation, answer each of the following questions. a. The liabilities of Shumway Ltd. are 120,000 and the equity is 232,000. What is the amount of Shumway Ltd.s total assets? b. The total assets of Shumway Ltd. are 190,000 and its equity is 80,000. What is the amount of its total liabilities?

Chapter 1, Brief Exercises #2

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

a. The liabilities of Shumway Ltd. are £120,000 and the equity is £232,000. What is the amount of Shumway Ltd.’s total assets?

b. The total assets of Shumway Ltd. are £190,000 and its equity is £80,000. What is the amount of its total liabilities?

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**Related Book For**

## Financial Accounting with International Financial Reporting Standards

4th edition

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

**ISBN:** 978-1119504306