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

$344,000

Step-by-step 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