1. Use the accounting equation to answer each question that follows. Show any calculations you make. a. The assets of Master Company are $380,000 and the owner’s equity is $155,000. What is the amount of the liabilities? b. The li

1.       Use the accounting equation to answer each question that follows. Show any calculations you make.

a.       The assets of Master Company are $380,000 and the owner’s equity is $155,000. What is the amount of the liabilities?

b.      The liabilities and owner’s equity of Lee Company are $65,000 and $79,500 respectively. What is the amount of the assets?

c.       The liabilities of Hake Company equal one-third of the total assets, and owner’s equity is $180,000. What is the amount of the liabilities?

d.      At the beginning of the year, Jarvis Company’s assets were $310,000, and its owner’s equity was $150,000. During the year, assets increased by $45,000 and liabilities decreased by $22,500. What is the owner’s equity at the end of the year?

2.       Complete the table to indicate whether each of the following accounts is an asset, a liability, equity, revenue, or an expense.  Also, indicate whether the normal balance of each account is a debit or a credit.

Account Name                                  Account Type                                    Normal Balance