Help with basic accounting? (2)

Anonymous
timer Asked: Apr 5th, 2016

Question description

Use the expanded accounting equation to answer each of the following questions.

(a) The liabilities of Roman Company are $80,660. Owner’s capital account is $146,200; drawings are $97,060; revenues, $439,210; and expenses, $322,110. What is the amount of Roman Company’s total assets?

(b) The total assets of Dylan Company are $62,330. Owner’s capital account is $15,690; drawings are $6,930; revenues, $44,880; and expenses, $41,720. What is the amount of the company’s total liabilities?

(c) The total assets of Capp Co. are $630,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.’s owner’s equity?

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