142.Krammer Company has liabilities equal to one fourth of the total assets. Krammer’s owner’s equityis $45,000. Using the accounting equation, what is the amount of liabilities for Krammer?
143.Determine the missing amount for each of the following:
144.Determine the missing amount “X” for each of the following:
Assets
|
Liabilities
|
Owner’s Equity
|
(a)$78,500
|
$37,600
|
X
|
(b)X
|
$53,280
|
$145,000
|
(c)$49,500
|
X
|
$34,000
|
145.Use the accounting equation to answer each of the independent questions below.
a.At the beginning of the year, Norton Company's assets were $75,000 and its owner’s equity was $38,000.Duringthe year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner’s equity at theend of the year?
b.At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner’s equity of $66,000. If assetsincreased by $10,000 and liabilities decreased by $5,000, what was the owner’s equity at the end of the year?
146.On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $27,000;Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount ofowner's equity (John Wong’s capital) as of July 1 of the current year?