Homework Answers
At the beginning,
Assets = 872,000, liabilities = 451,000
Equity = 872,000 - 451,000 = 421,000
(b) Assets = Liabilities + Equity
= (451,000 + 125,000) + (421,000 - 74,000)
= 576,000 + 347,000
= $923,000
(c) Total Liabilities = Assets - Equity
= (872,000 - 66,000) - (421,000 + 110,000)
= 806,000 - 531,000
= $275,000
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Brief Exercise 1-3 At the beginning of the year, Concord Company had total assets of $945,000 and total liabilities of $492,000. Answer the following questions. (a) If total assets increased $148,000 during the year and total liabilities decreased $81,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity (b) During the year, total liabilities increased $112,000 and stockholders' equity decreased $86,000. What is the amount of total assets at the end of the year?...
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Cornerstone Exercise 1-15 (Algorithmic) Using the Accounting Equation At the beginning of the year, Morgan Company had total assets of $470,000 and total liabilities of $290,000. Required: Use the fundamental accounting equation to answer the following independent questions: a. What is total stockholders' equity at the beginning of the year? b. If, during the year, total assets increased by $85,000 and total liabilities increased by $38,000, what is the amount of total stockholders' eguity at the end of the year?...
Brief Exercise 1-8 Use the basic accounting equation to answer these questions. (a) The liabilities of Lantz Company are $93,700 and the stockholders' equity is $240,000. What is the amount of Lantz Company's total assets? Total assets (b) The total assets of Salley Company are $193,000 and its stockholders' equity is $84,000. What is the amount of its total liabilities? Total liabilities (e) The total assets of Brandon Co. are $890,000 and its abilities are equal to one-fourth of its...
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IN At the beginning of the year, Crane Company had total assets of $806,000 and total liabilities of $595,000. (Treat each item independently.) (a) If total assets increased $189,000 during the year and total liabilities decreased $88,000, what is the amount of stockholders' equity at the end of the year? ts by Study Stockholders' equity (b) During the year, total liabilities increased $91,000 and stockholders' equity decreased $77,000. What is the amount of total assets at the end of the...
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