Question
(a) The liabilities of Kafka Company are $90,000. Owners capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of
(a) The liabilities of Kafka Company are $90,000. Owner’s capital is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Kafka Company’s total assets?
(b) The total assets of Rivera Company are $57,000. Owner’s capital is $25,000; 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 Alcorn Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.’s owner’s equity?
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
