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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