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?