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Use the expanded accounting equation to answer each of the following questions.a. The liabilities of Kumar 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 Kumars total assets?b. The total assets of Kalim Company are 57,000. Owners capital is 35,000; drawings are 7,000; revenues, 52,000; and expenses, 35,000. What

Chapter 1, Brief Exercises #4

Use the expanded accounting equation to answer each of the following questions.
a. The liabilities of Kumar 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 Kumar’s total assets?
b. The total assets of Kalim 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 Siram Co. are 660,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Siram Co.’s owner’s equity?

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Related Book For answer-question
Accounting Principles

Accounting Principles

IFRS global edition

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

ISBN: 978-1119419617

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The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.

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