Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brief Exercise 1-4Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Roman Company are $82,070. Owners capital account

Brief Exercise 1-4Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Roman Company are $82,070. Owners capital account is $153,800; drawings are $94,020; revenues, $468,170; and expenses, $332,020. What is the amount of Roman Companys total assets?
Roman Companys total assets $
(b) The total assets of Dylan Company are $61,260. Owners capital account is $15,310; drawings are $7,700; revenues, $48,850; and expenses, $31,600. What is the amount of the companys total liabilities?
Dylan Companys total liabilities $
(c) The total assets of Capp Co. are $360,000and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.s owners equity?
Capp Co.s owners equity

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

2nd edition

134730372, 134730370, 978-0134730370

More Books

Students also viewed these Accounting questions

Question

Explain why the predicted value 9 is always equal to 5? when r = 0.

Answered: 1 week ago

Question

Values: What is important to me?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago