Characteristics of a corporation, accounting concepts, and using the accounting equation [5-10 min]
Select financial information for three corporations follows:
| Assets | Liabilities | Stockholders’ Equity |
New Rock Gas | $ ? | $24,000 | $50,000 |
DJ Video Rentals | 75,000 | ? | 32,000 |
Corner Grocery | 100,000 | 53,000 | ? |
Requirements
1. Compute the missing amount in the accounting equation for each entity.
2. List the seven main characteristics of a corporation.
3. Which accounting concept tells us that the previous three corporations will continue to exist in the future?
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