Chapter 1, Problem 2E

Determine the following amounts:

1. a. The amount of the liabilities of a business that has $60,800 in assets and in which the owner has $34,500 equity.
2. b. The equity of the owner of a tour bus that cost $57,000 and on which is owed $21,800 on an installment loan payable to the bank.
3. c. The amount of the assets of a business that has $11,780 in liabilities and in which the owner has $28,500 equity.