Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / The liabilities of Kafka Company are $93,000
The liabilities of Kafka Company are $93,000.
Owner's capital account is $153,000; drawings are $90,000; revenues, $460,000; and expenses, $315,000.
What is the amount of Kafka Company's total assets?
Answer: $301,000
Kafka Company's total assets is computed as follows:
| Liabilities | $93,000 |
| Add: Total Equity | |
| Owner's capital | $153,000 |
| Less: Drawings | $90,000 |
| Add: Revenues | $460,000 |
| Less: Expenses | $315,000 |
| Total Equity | $208,000 |
| Total Assets | $301,000 |
|---|
