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Homework answers / question archive /  Given the accounting equation, answer each of the following questions

 Given the accounting equation, answer each of the following questions

Accounting

 Given the accounting equation, answer each of the following questions. 
(a) The liabilities of Blossom Company are $110,000 and the owner's equity Is $222,000. What Is the amount of Blossom Company's total assets? 
Total assets $ 
(b) The total assets of Blossom .mpany are $180,000 and Its owner's equity Is $80,000. What is the amount of Its total liabilities? 
Total liabilities $ 
(c) The total assets of Blossom Company are $200,000 and Its liabilities are equal to one-half of Its total assets. What Is the amount of Blossom Company's owner's equity? 
Owner's equity S 

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(a) Computation of Blossom Company's Total Assets:

Given,

Liabilities = $110,000

Owner's Equity = $222,000

Total Assets = Liabilities + Owner's Equity = $110,000+$222,000 = $332,000

 

(b) Computation of Amount of Total Liabilities:

Owner's Equity = $80,000

Total Assets = $180,000

Total Liabilities = Total Assets - Owner's Equity = $180,000 - $80,000 = $100,000

 

(c) Computation of Amount of Owner's Equity:

Total Assets = $200,000

Total Liabilities = $200,000/2 = $100,000

Owner's Equity = $200,000 - $100,000 = $100,000

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