Answer 1.
Assets | = | Liabilities | Stockholders' Equity | |||||
Cash | Equipment | Building | Notes Payable | Common Stock | Retained Earnings | |||
a | 160,000 | 160,000 | ||||||
b | 151,000 | 151,000 | ||||||
c | -294,000 | 294,000 | ||||||
d | -3,700 | 37,000 | 33,300 | |||||
e | -3,700 | -3,700 | ||||||
f | -7,700 | 11,000 | 3,300 | |||||
g | ||||||||
End | $5,600 | $44,300 | $294,000 | $183,900 | $160,000 | 0 |
Note: There is no entry for transaction no g
Answer 2.
Amount | ||
a. | Total assets at end of the year | $1,023,900 |
b. | Total liabilities at end of the year | $473,900 |
c. | Total stockholders' equity at end of year | $550,000 |
Explanation:
a. Total assets at end of the year = Begining bal. + (Cash + Equipment + Building) = $680,000 + $5,600 + $44,300 + $294,000 = $1,023,900
b. Total liabilities at end of the year = Begining bal. + Notes Payable = $290,000 + $183,900 = $473,900
c. Total stockholders' equity at end of year = otal assets at end of the year - Total stockholders' equity at end of year
= $1,023,900 - $473,900 = $550,000
Answer 3. Liabilities
Explanation: The investment in assets this year is $338,300 (Equipment + Building) liabilities created through notes is $183,900 & proceeds from issues of common stock is $160,000. Thus this indicates that the financing for Ml's investment in assets primarily come from liabilities.
Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy...
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