# Use the expanded accounting equation to answer each of the following questions. a. The liabilities of Platt Company are $90,000. Owners capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $340,000. What is the amount of Platt Companys total assets? b. The total assets of Sierra Company are $57,000. Owners capital is $35,000; drawings are $7,000; revenues, $52,000; and

Chapter 1, Brief Exercises #4

Use the expanded accounting equation to answer each of the following questions.

a. The liabilities of Platt Company are $90,000. Owner’s capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $340,000. What is the amount of Platt Company’s total assets?

b. The total assets of Sierra Company are $57,000. Owner’s capital is $35,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the company’s total liabilities?

c. The total assets of Birch Co. are $660,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Birch Co.’s owner’s equity?

## This problem has been solved!

Do you need an answer to a question different from the above? Ask your question!

**Related Book For**

## Accounting Principles

13th edition

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

**ISBN:** 978-1119411482