Problem

Components of the accounting equationRequiredThe following three requirements are independ...

Components of the accounting equation

Required

The following three requirements are independent of each other.

a. Pizza Factory has assets of $8,500 and net assets of $6,200. What is the amount; of liabilities? What is the amount of claims?


b. City Sandwiches has liabilities of $ 1,200 and equity of $4,400. What is the amount of assets? What is the amount of net assets?


c. Pickwick Inn has assets of $98,300 and liabilities of $44,700. What is the amount of equity? What is the amount of residual interest?

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