IENT RESOURCES Freise 1.00 sel-OZ In L04A Brief Exercise 1-04 Use the accounting equation to answer each of the following questions (a) The abilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000 What is the amount of Olga Company's total assets? VHEN Score Results by Study Total assets ts 3 30000 Live (b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenuts, $50,000, and expenses, $35,000 What is the amount of the company's total abilities? Slurpin Total liabilities (c) The total assets of Dierdorf Co. are $600,000 and its abilities are equal to two-thirds of its total assets. What is the amount of Dierdorf Co.'s stockholders' Coonley Stockholders' equity Click If you would like to show Work for this questions Open Show Work CALCULATOR PRINTER VERSION BACK NEXT SOURCES Exercise 1-07 Keystone Computer Timeshare Company entered into the following transactions during May 2020. 1-04 Describe the effect of each transaction on assets, liabilities, and stockholders' equity. AC 1. Purchased computers for $20,000 from Data Equipment on account. s by Study 2. Paid $3,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April. 4. Performed computer services for Ryan Construction Company for $2,700 cash. Cool 5. Paid Midland Power Co. $11,000 cash for energy usage in May. 6. Stockholders invested an additional $32,000 in the business. 7. Paid Data Equipment for the computers purchased in (1) above. 02 stue 8. Incurred advertising expense for May of $840 on account. Click if you would like to show Work for this questioni Open Show Work