Could someone please tell me if I am doing this correctly. I feel like it's too easy. My answers are underneath the questions.
Hombran Doughnuts has current assets of $290 million; property, plant and equipment of $490 million; and other assets totaling $150 million. Current liabilities are $150 million and long-term liabilities total $310 million.
1. Use these data to write Hombran Doughnuts' accounting equation.
My Answer: $290 + $490 + $150 = $150 + $310 + Stock holders equity
2. How much in resources does Hombran have to work with?
My Answer: $290 + $490 + $150 (all the assets)
3. How much does Hombran owe creditors?
My Answer: $150 + $310 (all the assets)
4. How much of the company's assets do the Hombran stockholders actually own?
My Answer: $470 (Assets - Liability)
Please and Thank you!