# 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?

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