Use the accounting equation to answer each of the following questions:
(a) Greenway Co. has total assets of $600,000 and its owner’s equity is equal to one-third of its total assets. What is the amount of Greenway Co.’s liabilities?
(b) May Company has liabilities of $280,000. The balance in C. May, Capital, is $130,000; in C. May, Drawings, $40,000; revenues, $440,000; and expenses, $330,000. What is the amount of May Company’s total assets?
(c) Fereira Company has total assets of $90,000. The balance in Sharon Fereira’s Capital is $35,000; in drawings, $7,000; revenues, $55,000; and expenses, $45,000. What is the amount of the company’s total liabilities?