Reference no: EM133097313

Question - The DeliciousDumpling restaurant opened on June 1st 20X1. The following business transactions were made in the first 10 days of the month:

1. The restaurant owner deposited $100,000 in a DeliciousDumpling's business bank account.

2. $10,000 of food inventory was purchased on trade credit from a local supplier.

3. $5,000 of beverage inventory was purchased and the payment was made 50% by bank transfer from the business bank account and the remainder on trade credit.

4. $4,000 of sales was made on trade credit.

5. $16,000 of sales was made for cash.

6. $5000 of wage expense was accrued, of which $2000 was paid in cash to employees, and the remainder will be paid at the end of June.

7. $10,000 rent was paid upfront for 2 months, which the accountant recorded as an immediate cash expense for the month of June.

8. A delivery van was purchased for $20,000, and a loan was taken to finance 90% of the cost, with the remainder coming directly from the business bank account

9. An electronic fund transfer of $1,000 from the business bank acount was made to the beverage supplier.

10. 50% of the outstanding invoice from the food supplier was paid in cash.

Required - Based on this information:

1. Determine the total value of DeliciousDumpling's liabilities as at 10th June 20X1?

2. Determine the total value of DeliciousDumplings' assets as at 10th June 20X1?

3. Determine the total value of DeliciousDumplings' owner's equity as at 10th June 20X1?