Use the expanded accounting equation to answer each of the following questions: (a) The liabilities of Cai Company are $90,000. Meiyu Cais capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Cai Companys total assets? (b) The total assets of Pereira Company are $57,000. Karen Perrys capital account is $25,000; drawings are
Chapter 1, Brief Exercises #4
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?
(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?
This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Answer
Owner's Equity Assets = Liabilities + Owner, Capital - Owner Drawings + Reve…View the full answer
Related Book For 
Accounting Principles
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-0470533475