Please check my answers.

Identify each of the following as either assets, liabilities, or owner's equity.
1. Petty cash- Owner's Equity
2. Mortgage payable- Liabilities
3. Furniture- Assets
4. Owner's Capital- Owner's Equity
5. Food inventory- Assets
6. Profit- Owner's Equity

I disagree with your answers for 1 and 6.

http://www.investorwords.com/3566/owners_equity.html

Based on your answers, here is the correct identification for each item:

1. Petty cash - Asset
2. Mortgage payable - Liability
3. Furniture - Asset
4. Owner's Capital - Owner's Equity
5. Food inventory - Asset
6. Profit - Owner's Equity

To check whether your answers are correct, it's essential to understand what each category represents.

Assets: These are things of value that a business owns or controls. Examples include cash, inventory, equipment, and property.

Liabilities: These represent the obligations or debts that a business owes to others. Examples include loans, accounts payable, and mortgages.

Owner's Equity: This represents the owner's claim on the business's assets after deducting liabilities. It includes the owner's capital investment and retained earnings.

To determine the correct classification, you need to consider the nature of the item. For example, petty cash is cash on hand, making it an asset. Mortgage payable is a debt the business owes and thus a liability. Furniture is a tangible item owned by the business and is therefore an asset. And so on.

Remember, the key is to understand the definitions and characteristics of each category. Take time to analyze and distinguish between various items to correctly identify them.