Use the expanded accounting equation to answer each of the following questions:
(a) The liabilities of Cai Company are $90,000. Meiyu Cai’s capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Cai Company’s total assets?
(b) The total assets of Pereira Company are $57,000. Karen Perry’s capital account is $25,000; drawings are $7,000; revenues, $50,000; and expenses, $35,000. What is the amount of the company’s total liabilities?
(c) The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Yap Co.’s owner’s equity?