Use the expanded accounting equation to answer each of the following questions.
a. The liabilities of Platt Company are $90,000. Owner’s capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $340,000. What is the amount of Platt Company’s total assets?
b. The total assets of Sierra Company are $57,000. Owner’s capital is $35,000; 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 Birch Co. are $660,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Birch Co.’s owner’s equity?