If the owners equity in a business is $160,000 and the liabilities are $200,000, how much are the assets?

2- A company reported monthly revenues of $365,000 and expenses of $225,000. What is the result of operations (net income) for the month?

3- Classify the following items as Asset (A), Liability (L), Shareholders Equity(S), Expenses (E) or Revenue (R) for each of the following: a. Accounts receivable( ) b. Accounts payable( ) c. Loans( ) d. Share capital( ) e. inventory( ) f. Supplies( ) g. Notes payable( ) h. Retained earnings( ) i. Expenses payable( ) j. Land( ) k. Equipment( ) l. Rent( )