A) Hombran Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million;...
A) Hombran Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million; and other assets totaling $160 million. Current liabilities are $160 million and long-term liabilities total $340 million.
1. Use these data to write Hombran’s accounting equation. 2. How much in resources does Hombran have to work with? 3. How much does Hombran owe creditors? 4. How much of the company’s assets do the Hombran stockholders actually own?
B) At the beginning of the year Smith had $300,000 of liabilities and $400,000 of owners equity.
If assets increase by $50,000 and liabilities decrease by $30,000, what is the ending balance in the owners' equity accounts?
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A) Hombran Doughnuts has current assets of $270 million;
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