Use the Accounting Equation to Answer the Following Questions

question 241

Essay

Use the accounting equation to answer the following questions.
1. Force 10 Sails Co. has total assets of $120,000 and total liabilities of $65,000. What is equity?
2. Marcy Fun Center has total assets of $225,000 and equity of $105,000. What are total liabilities?
3. Franco's Restaurant has total liabilities of $50,000 and equity of $75,000. What are total assets?

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Definitions:

Play Behavior

Activities engaged in for enjoyment and recreation, especially by children, that are often spontaneous and involve imaginative or physical activity.

Heartfelt Religious Convictions

Deeply held beliefs in the tenets of one's faith that profoundly influence their thoughts, feelings, and behavior.

Community Support

Assistance and encouragement provided by a network of individuals within a local area to its members.

Determining Happiness

The process of identifying factors and elements that contribute to one's sense of well-being and contentment.