
(a)
Assets: Assets refer to those resources that an organization owns, against which the organization derives a value in the future.
Liabilities: Liabilities refer to the debts owed by an organization towards the parties from whom the amounts are borrowed.
Owner’s Equity: Owner’s equity refers to an amount raised from the public in order to finance the business of a company. The equity holders are referred to as the owners of the business. The revenues from the business increase the value of owner’s equity and the expenses and drawings reduce the value of owner’s equity.
To Determine: Amount of total assets
(b)
Amount of total liabilities
(c)
Amount of owner’s equity.

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Chapter 1 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
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