Answer:
(a) $21,000
(b) $112,000
(c) $34,000
Explanation:
Accounting equation is as follows:
Assets = Liabilities + Owner’s Equity
(a) $80,000 = $59,000 + Owner’s Equity
$80,000 - $59,000 = Owner’s Equity
$21,000 = Owner’s Equity
(b) Assets = $47,000 + $65,000
= $112,000
(c) $88,000 = Liabilities + $54,000
$88,000 - $54,000 = Liabilities
$34,000 = Liabilities
