Question
Use the expanded accounting equation to answer each of the following questions. (a) The liabilities of Kafka Company are $92,000. Owners capital account is $148,000;
Use the expanded accounting equation to answer each of the following questions.
(a) The liabilities of Kafka Company are $92,000. Owners capital account is $148,000; drawings are $98,000; revenues, $450,000; and expenses, $338,000. What is the amount of Kafka Companys total assets?
(b) The total assets of Rivera Company are $58,000. Owners capital account is $20,000; drawings are $6,200; revenues, $42,000; and expenses, $45,000. What is the amount of the companys total liabilities?
(c) The total assets of Alcorn Co. are $399,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Alcorn Co.s owners equity?
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The Outsourcing Dilemma Whats Best For Internal Auditing
Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell
1st Edition
0894133845, 978-0894133848
