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The liabilities of Cai Company are $90,000. Meiyu Cai’s capital account is $150,000

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BE1-4 Use the expanded accounting equation to answer each of the following questions:

(a) The liabilities of Cai Company are $90,000. Meiyu Cai’s capital account is $150,000; drawings
are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Cai
Company’s total assets?

(b) The total assets of Pereira Company are $57,000. Karen Perry’s capital account is $25,000;
drawings are $7,000; revenues, $50,000; and expenses, $35,000.What is the amount of the
company’s total liabilities?

(c) The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total
assets.What is the amount of Yap Co.’s owner’s equity?

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