Use the expanded accounting equation to answer each of the following questions:
(a) The liabilities of Cai Company are $90,000. Meiyu Cai capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Cai Company total assets? (b) The total assets of Perspire Company are $57,000. Karen Perry capital account is $25,000; drawings are $7,000; revenues, $50,000; and expenses, $35,000. What is the amount of the company total liabilities? (c) The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Yap Co. owner equity?
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February 2016
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