(a) The liabilities of Kafka Company are $90,000. Owner’s capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Kafka Company’s total assets?
(b) The total assets of Rivera Company are $57,000. Owner’s capital is $25,000; 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 Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.’s owner’s equity?

Answer rating: 100% (QA)

Part A Revenue 450000 Expenses 320000 Drawing 40000 Retai... View the full answer