Merritt, Inc., has revealed the following items:

Amounts owed by Merritt, Inc., to employees, $3,000

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Amounts owed by Merritt, Inc., to suppliers, $50,000

Amounts owed to Merritt, Inc., by customers, $75,000

Building owned by Merritt, Inc., $500,000

Cash in the bank, $40,000

Raw materials owned by Merritt, Inc., $10,000


A. What are Merritt’s total assets?

B. What are Merritt’s total liabilities?

C. What is Merritt, Inc.’s, owners’ equity amount?

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