Use the accounting equation to answer these independent questions: (a) The shareholders’ equity of..

Use the accounting equation to answer these independent questions: (a) The shareholders’ equity of Sansom Corporation is $120,000. Its total liabilities are $55,000. What is the amount of Sansom’s total assets? (b) The liabilities of Houle Corporation are $170,000. Houle’s share capital is $100,000 and its retained earnings are $90,000. What is the amount of Houle’s total assets? (c) The total assets of Pitre Limited are $150,000. Its share capital is $50,000 and its retained earnings are $25,000. What is the amount of its total liabilities? (d) The total assets of Budovitch Inc. are $500,000 and its liabilities are equal to half its total assets. What is the amount of Budovitch’s shareholders’ equity? View Solution:
Use the accounting equation to answer these independent questions a The

 

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