Question: BE1-8 Use the basic accounting equation to answer these questions. (a) The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What

BE1-8 Use the basic accounting equation to answer these questions. (a) The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets? (b) The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities? (c) The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity? Hint: Use basic accounting equation. (SO 5)

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