Use the Accounting Equation to Answer the Following Questions

question 96

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 $35,000. What is owner's equity?
2. Marcy Fun Center has total assets of $225,000 and owner's equity of $105,000. What are total liabilities?
3. Franco's Restaurant has total liabilities of $40,000 and owner's equity of $95,000. What are total assets?

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Definitions:

Compliance

The act of conforming to rules, standards, or instructions, often in a legal, ethical, or organizational context.

Resistance

Opposition or pushback against proposals, changes, or directives perceived as unwanted or detrimental.

Exchange Tactic

is a strategy in negotiations where something is offered in return for something from the other party.

Reward

Benefits, compensation, or recognition given to individuals or groups as recognition for their efforts, achievements, or behavior.