Question

The liabilities of Crane Company are 113,000 and the owner's equity is 233,000. What is the amount of Crane Company's total assets?

Answer 1

Crane Company's total assets amount to $346,000, calculated using the fundamental accounting equation Assets = Liabilities + Owner's Equity with the given values for liabilities and owner's equity.

Step-by-step explanation:

The student has asked for the total amount of Crane Company's assets. In business accounting, the fundamental accounting equation is Assets = Liabilities + Owner's Equity. Given that Crane Company's liabilities are $113,000 and the owner's equity is $233,000, we use this equation to calculate the total assets.

Assets = Liabilities + Owner's Equity
Assets = $113,000 + $233,000
Assets = $346,000

Therefore, the amount of Crane Company's total assets is $346,000.