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What is the total amount of owners equity

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Reference no: EM131772519

Problem - Ramsey Corporation reported the following accounts and liabilities and balances in its financial statement.

Cash=$35,000

Inventory=$10,200

Equipment=$19,500

Accounts Payable=$16,350

Contributed capital=$30,000

Retained earnings=$18,350

Arrange the accounts and balances into the accounting equation using the following equation and then answer the following questions:

Assets=liabilities + owners' equity

1. What is the total amount of assets?

2. What is the total amount of liabilities?

3. What is the total amount of owners' equity?

Reference no: EM131772519

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