1. West Wind Sails Co. has total assets of $120,000 and total liabilities of $35,000. What is owner's equity? 2. Mercy Family Center has total assets of $225,000 and owner's equity of $105,000. What are total liabilities? 3. Cucina Med Restaurant has total liabilities of $40,000 and owner's equity of $95,000. What are total assets? Answer: 2- Indicate which of these items is an asset (A), liability (L) or owner's equity (OE) account. (3 Marks) (1) Supplies (2) Klein, Drawing (3) Building (4) Note Payable (5) Taxes Payable