Ans. | Beginning values: | |||
Total assets = $800,000 | ||||
Total liabilities = $510,000 | ||||
Total stockholder's equity = Total assets - Total liabilities | ||||
$800,000 - $510,000 | ||||
$290,000 | ||||
Ans. A | Year end values: | |||
Total assets ($800,000 + $140,000) = $940,000 | ||||
Total liabilities ($510,000 - $70,000) = $440,000 | ||||
Total Stockholder's equity = Total assets - Total liabilities | ||||
$940,000 - $440,000 | ||||
$500,000 | ||||
Ans. B | Year end values: | |||
Total liabilities ($510,000 + $90,000) = $600,000 | ||||
Total stockholder's equity ($290,000 - $60,000) = $230,000 | ||||
Total assets = Total liabilities + Total stockholder's equity | ||||
$600,000 + $230,000 | ||||
$830,000 | ||||
Ans. C | Year end values: | |||
Total assets ($800,000 - $80,000) = $720,000 | ||||
Total stockholder's equity ($290,000 + $100,000) = $390,000 | ||||
Total liabilities = Total assets - Total Stockholder's equity | ||||
$720,000 - $390,000 | ||||
$330,000 |
At the beginning of the year, Morales Company had total assets of $800,000 and total liabilities...
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