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Tustin's Catering began with cash of $15,000. Tustin then bought supplies for $2,300 on account. Separately, Tustin paid $4,700 for equipment.

Required:

a. How much in total assets does Tustin have?

b. How much in liabilities does Tustin owe?

Respuesta :

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Answer:

a.Total assets=$15,000

b.Liabilities=$2,300

Explanation:

a. The total assets of the Tustin's Catering shall be determined through following mentioned equation:

Total assets=Cash+equipment

                   =($15,000-$4,700)+$4,700=$15,000

b. The total liabilities of the Tustin's Catering shall be determined as follows:

Liabilities=Supplier bought on account

               ==$2,300

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