Homework Answers
Ans. Option 2nd $9,000
Explanation : Total assets is equal to the sum of total liabilities and total stockholders equity.
Total assets = Total liabilities + Total stockholders equity
= $3,000 + $6,000
= $9,000
*Total stockholders equity is equal to the sum of common stock and retained earnings.
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1. What are the company’s total liabilities?
2. What is the company’s total equity?
3. What are the company’s total assets?
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In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about...
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an amount owed to a supplier for prior purchases is an
account
Type your answer In the box. The following are the assets, liabilities and stockholders' equilty balances in millions at December 31, 2019 In alphabetical order Accounts Payable $500 Cash Common Stock 600 Equipment Retained Earnings ? 700 900 Retained Earnings equals $ 1-1 Total Assets equals $ Total Liabilities plus Stockholders' Equity equals $ Round answers to the nearest millions Read about this Do you know the answer?...
1. What are the company’s total liabilities?
2. What is the company’s total equity?
3. What are the company’s total assets?
Accounts Payable 5,000 Long-term Notes Receivable 10,000 Accounts Receivable 15,000 Accrued Expenses 3,000 Cash 10,000 Short-term Notes Payable 7,000 Retained Earnings 2,000 Accumulated depreciation 2,000 Prepaid Expenses 3,000 Capital Stock 8,000 Supplies 7,000
Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 Add: Net income Less: Dividends (3,000) (3,000) Ending balance $ 11,100 $ 10,000 $ 21,100 1,100
Total Liabilities + Total Assets $ ? 85.000 350,000 Stockholders' Equity $360,000 $300,000 50,000 275,000 S1-5. (Learning Objective 3: Apply the accounting equation) 1. If you know the assets and the equity of a business, how can you measure its liabilities Give the equation. 2. Use the accounting equation to show how to determine the amount of a company's stock holders' equity. How would your answer change if you were analyzing your own house S1-6. (Learning Objective 3: Identify assets,...
What's retained earnings.
total stockholders' equity, and total liabilities and stockholders'
equity?
Accounts receivable $3,400 Cash $6.240 Accounts payable 3,700 Supplies 3,780 Interest payable 530 Unearned service revenue 940 Salaries and wages expense 5,400 Service revenue 41,850 Notes payable 32,500 Salaries and wages payable 770 Common stock 55,000 Depreciation expense 740 Inventory 2,810 Equipment (net) 110,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Cullumber Company Balance Sheet December...
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The balance sheet reports assets, liabilities, and stockholders' equity as of the end of the Click the answer you think is right. accounting period. earnings period. income period. double-entry period.
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