Question

The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total assets?

Answer 1

Answer:

$344,000

Explanation:

Assets can be calculated by applying the accounting equations.  In the accounting equations

Assets = Liabilities + Equity

In this case, liabilities are  $117,000 and Equity is $227,000.

Therefore,

Assets = $117,000 + $227,000

Assets = $344,000