Computation of Assets,liabilities,and Owners' Equity After a Series of Transactions

question 24

Essay

Computation of assets,liabilities,and owners' equity after a series of transactions
The December 31,2014 balance sheet of Charles Realty reported total assets of $900,000,total liabilities of $350,000,and owners' equity of $550,000.The following transactions occurred in January of 2014:
(1)The business purchased land for $250,000,paying $100,000 cash and issuing a note payable for the balance.
(2)The business collected accounts receivable totaling $45,000.
(3)The business sold land costing $50,000 for $60,000 cash.
(4)The business paid $50,000 of the note payable.
Compute the following at January 31,2014:
(A.)Total assets $___________
(B.)Total liabilities $___________
(C.)Owners' equity $___________

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Definitions:

Muscle Tone

Muscle tone refers to the continuous and passive partial contraction of the muscles, or the muscle's resistance to passive stretch during resting state; it helps maintain posture.

Autonomous Child

A child who is encouraged to make their own decisions and develop their independence and self-reliance.

Power

The capacity or ability to direct or influence the behavior of others or the course of events.

Control

Control refers to the power to influence or direct people's behavior or the course of events, or in scientific experiments, the standard conditions under which tests are made.