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Computation of assets, liabilities, and owners' equity after a series of transactions On October 31, 2021, Wrigley United Inc. had total assets of $600,000 and
Computation of assets, liabilities, and owners' equity after a series of transactions On October 31, 2021, Wrigley United Inc. had total assets of $600,000 and total liabilities of $400,000. The following transactions occurred in November 2021: (1) Capital stock was issued in exchange for $65,000 cash. (2) The business purchased equipment for $360,000, paying $160,000 cash and issuing a note payable for $200,000. (3) The business paid $70,000 of its accounts payable. (4) The business collected $54,000 of its accounts receivable. Compute the following as of November 30,2021 : (A.) Total assets \$ (B.) Total liabilities \$ (C.) Owners' equity $
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