Question

View History Bookmarks People Tab Window Help MO WiLUS 18 Mon 3:12 PM G Google * * www.wileyplus x Files x P Perusalt * YouTube X en.wileyplus.com/edugen/student/mainfr.uni Nike SB Stefanja sportscap999 . beboyssoccer.com mat Brief Exercise 1-3 Use the basic accounting equation to answer these questions (a) The liabilities of Lantz Company are $90,000 and the stockholders' equity $230,000. What is the amount of Lantz Company's total assets? Total assets (b) The total assets of Salley Company are $170,000 and its stockholders' equity is $80,000. What is the amount of its total abilities? Total liabilities (c) The total assets of Brandon Co, are $800,000 and its laities are equal to one fourth of its total assets. What is the amount of Brandon Ca's stockholders' equity? Stockholders' equity Click if you would like to show Work for this question: Doen Show Werk Question Attempts of used WAVE FOR LATER wcy Policy | 2020-2020 she wie sons . All Rights Reserved. A Division of John wie Sons, Inc Ô BEBE 'W ERU TOP

Answer 1

(a)-Total Assets = Total Stockholders equity + Total Liabilities

= $230,000 + $90,000

= $320,000

(b)-Total Assets = Total Stockholders equity + Total Liabilities

$170,000 = $80,000 + Total Liabilities

Total Liabilities = $170,000 - $80,000

Total Liabilities = $90,000

(c)-Here, the Liabilities is equal to ¼ th of the total assets, therefore, the total stockholders will be 3/4th of the total assets

Therefore, the Total stockholders = Total assets x ¾

= $800,000 x ¾

= $600,000