Use the accounting equation to answer each of the following questions. (a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,0 expenses, $320,000. What is the amount of Olga Company's total assets? Total assets $ (b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $5 and expenses, $35,000. What is the amount of the company's total liabilities? Total liabilities 2$

Use the accounting equation to answer each of the following questions. (a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,0 expenses, $320,000. What is the amount of Olga Company's total assets? Total assets $ (b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $5 and expenses, $35,000. What is the amount of the company's total liabilities? Total liabilities 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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