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Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Sunland Company are $97,000. Owner's capital is $150,000; drawings
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Sunland Company are $97,000. Owner's capital is $150,000; drawings are $88.000; revenues. $448,000; and expenses, $303,000. What is the amount of Sunland Company's total assets? Total assets $ (b) The total assets of Sierra Company are $58,000. Owner's capital is $24,000, drawings are $5,000. revenues, $51,000; and expenses. $41,000 What is the amount of the company's total liabilities? Total liabilities $ (c) The total assets of Birch Co. are $495.000 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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