Merritt, Inc., has revealed the following items:
Amounts owed by Merritt, Inc., to employees, $3,000
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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