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Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Blossom Company are $90,000. Owner's capital is $156,000; drawings
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Blossom Company are $90,000. Owner's capital is $156,000; drawings are $84,000; revenues, $446,000; and expenses, $320,000. What is the amount of Blossom Company's total assets? Total assets (b) The total assets of Sierra Company are $57,000. Owner's capital is $15,000; drawings are $7.000; revenues, $45.000; and expenses, $29,000. What is the amount of the company's total liabilities? Total liabilities $ (c) The total arsets of Birch C_(0), are $612,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Birch Co's owner's equity? Owner's equity
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