Answer: a. Total Assets: $142,000
Total Liabilities: $35,000
Total Equity: $107,000
Explanation:
Total Assets = Fixed assets + Current assets
Fixed assets = Building + Depreciation
= $150000 - ($30000)
= $120000
Current assets = Cash + Accounts Receivable + Office Supplies + Prepaid Insurance
= $10,000 + $7,000 + $2,000 + $3,000
= $22000
Total assets = $120000 + $22000 = $142000
Total Liabilities = Accounts Payable + Notes payable
= $5,000 + $30,000
= $35000
Owner's Equity: $107,000
Therefore, the answer is
Total Assets: $142,000
Total Liabilities: $35,000
Total Equity: $107,000
