Question
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Cullumber Company are $93,000. Owner's capital is $153,000; drawings
Use the expanded accounting equation to answer each of the following questions.
(a) The liabilities of Cullumber Company are $93,000. Owner's capital is $153,000; drawings are $90,000; revenues, $460,000; and expenses, $315,000. What is the amount of Cullumber Company's total assets?
Total assets
(b) The total assets of Sierra Company are $58,000. Owner's capital is $27,000; drawings are $6,400; revenues, $45,000; and expenses, $35,000. What is the amount of the company's total liabilities?
Total liabilities
(c) The total assets of Birch Co. are $345,000 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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