Question
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Sheridan Company are $ 90,000. Owners capital is $
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Sheridan Company are $ 90,000. Owners capital is $ 149,000; drawings are $ 85,000; revenues, $ 431,000; and expenses, $ 333,000. What is the amount of Sheridan Companys total assets?
Total assets | $ enter the total assets amount in dollars |
(b) The total assets of Sierra Company are $ 61,000. Owners capital is $ 25,000; drawings are $ 5,800; revenues, $ 47,000; and expenses, $ 42,000. What is the amount of the companys total liabilities?
Total liabilities | $ enter the total liabilities amount in dollars |
(c) The total assets of Birch Co. are $ 741,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Birch Co.s owners equity?
Owners equity | $ enter the owners equity amount in dollars |
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