Question - Brady Brother's balance sheet at the end of the year revealed the following information:
A. Brady Brothers owes their attorney $1,000 in legal fees.
B. Brady Brothers owes the bank $130,000 due in 4 years.
C. Brady Brothers owns office equipment costing $50,000.
D. Brady Brothers owns inventory costing $200,000.
E. Brady Brothers' customers owe it $75,000.
F. Brady Brothers owes its suppliers $120,000.
G. Brady Brothers checking account has a balance of $25,000.
Use the relevant information to determine:
1. What are the total assets?
2. What are the total liabilities?
3. What are the total owners' equity?