Computation of Assets, Liabilities, and Owners' Equity After a Series

question 107

Essay

Computation of assets, liabilities, and owners' equity after a series of transactions. On April 30, 2009, the balance sheet of China Collectibles showed total assets of $700,000, total liabilities of $400,000, and owners' equity of $300,000. The following transactions occurred in May of 2009:
(1) Capital stock was issued in exchange for $165,000 cash.
(2) The business purchased equipment for $360,000, paying $160,000 cash and issuing a note payable for $200,000.
(3) The business paid $70,000 of its accounts payable.
(4) The business collected $54,000 of its accounts receivable.
Compute the following as of May 31, 2009:
(A.) Total assets $___________
(B.) Total liabilities $___________
(C.) Owners' equity $___________

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Definitions:

Enslaved Fathers

Refers to men who were forced into slavery, focusing on their roles and experiences as fathers within this oppressive condition.

Bacon's Rebellion

A 1676 armed rebellion in the Virginia Colony against colonial Governor William Berkeley's administration, due to grievances over land policies, taxation, and favoritism.

Governor Berkeley

A Colonial governor of Virginia, known for his role in Bacon's Rebellion and his policies towards Native Americans and the fur trade.

White Supremacy

The belief in the superiority of white people and the societal structures that support this ideology.