# 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?

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**Related Book For**

## Accounting Principles

9th Edition

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

**ISBN:** 978-0470533475