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Given the accounting equation, answer each of the following questions
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
Expert Solution
(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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