Question

Question 3 View Policies Show Attempt History Current Attempt in Progress • Your answer is partially correct. Use the basic accounting equation to answer these questions. (a) The liabilities of Ivanhoe Company are $96,300 and the stockholders' equity is $277,000. What is the amount of Ivanhoe's total assets? Total assets $ 373300 (b) The total assets of Tamarisk Company are $184,000 and its stockholders' equity is $88,000. What is the amount of its total liabilities? Total liabilities $ 96000 (c) The total assets of Sarasota Co. are $855,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Sarasota's stockholders' equity? Stockholders' equity $ eTextbook and Media Save for Later

Answer 1

Requirement A Liabilities Stock Holders Equity $ 96,300.00 $ 277,000.00 Total Liabilites and Equity $ 373,300.00 We know, Total Liabilities and Stockholders equity = Total Assets Therefore, Total Assets $ 373,300.00 Requirement B Total Assets Less :Stock Holders Equity Total Liabilities $ 184,000.00 $ (88,000.00) $ 96,000.00 Requirement C Total Assets $ 855,000.00 $ 213,750.00 Liabilities - 1/4 of Total assets = 1/4*855000 Therefore, Stockholders equity = 855000-213750 $ 641,250.00