Use the expanded accounting equation to answer each of the following

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

 

(a) The liabilities of Roman Company are $90,000. Owner’s capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Roman Company’s total assets?

 

b) The total assets of Dylan Company are $57,000. Owner’s capital account is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the company’s total liabilities?

 

(c) The total assets of Capp Co. are $600,000 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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