Use the expanded accounting equation to answer each of the following questions.
a. The liabilities of Kumar 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 Kumar’s total assets?
b. The total assets of Kalim 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 Siram Co. are 660,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Siram Co.’s owner’s equity?