Total assets of Charter Company equal $770,000 and its equity is $455,000. What is the amount of its liabilities?

1.

a. Total assets of Charter Company equal $770,000 and its equity is $455,000. What is the amount of its liabilities?

b. Total assets of Martin Marine equal $570,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity?

Assets = Liabilities + Equity a. $770,000 = $315,000selected answer correct + $455,000 b. $570,000 = $285,000selected answer correct + $285,000selected answer correct ----------------------------------------------------------------------------------- 2. 1. Use the accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Equity 1 $86,000 = $40,500selected answer correct + $45,500 2 $111,500selected answer correct = $30,500 + $81,000 3 $107,000 = $31,000 + $76,000selected answer correct 2. Use the expanded accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Common Stock − Dividends + Revenues − Expenses 1 $62,000 = $21,500 + $31,000 − $0 + $23,000selected answer correct − $13,500 2 $100,900 = $37,500 + $55,000 − $3,100selected answer correct + $35,000 − $23,500 ----------------------------------------------------------------------------------- 3.