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What is the level of cardigan total assets

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Reference no: EM133010289

PROBLEM - THE ACCOUNTING EQUATION - Cardigan Ltd has total assets of $150,000 and liabilities that add up to $70,000 as at 30 June 2008.

1. What is Cardigan's owners' equity as at 30 June 2008'?

2. During the year to 30 June 2009, Cardigan's total assets increased by $63,000 while total liabilities increase by $25,000. What is the amount of Cardigan's owners' equity on 30 June 2009?

3. Now assume that in the year to 30 June 2009, Cardigan's total liabilities increase by $20,000 and its owners' equity decreases by $12,000. On 30 June 2009, what is the level of Cardigan's total assets?

4. Assume that in the year to 30 June 2009, Cardigan's total assets double while its owners' equity remains unchanged. What are its total liabilities as at 30 June 2009?

Reference no: EM133010289

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