ACCT205 – Accounting Principles II
Week 2 Homework Assignment
Deadline:
Due by the end of Week 2 at 11:59pm, ET.
Directions:
Using the information provided, create a Word or Excel document with your responses to each
question, then upload the document into Blackboard.
1. Applying the accounting equation (15 points)
a. Total assets of Charter Company equal $700,000 and its equity is $420,000.
What is the amount of its liabilities? $280,000
b. Total assets of Martin Marine equal $500,000 and its liabilities and equity
amounts are equal. What is the amount of its liabilities? What is the
amount of its equity? $250,000 & $250,000
