Homework Answers
1. Total assets of Swifty Corporation = $53,560
2. Stockholder's equity of Swifty Corporation = $24,440
Explanation
1. Total assets of Swifty Corporation = Cash + Equipment + Accounts Receivable
= 9,360 + 30,160 + 14,040
= $53,560
2.
| Calculation of Stockholders’ Equity: | ||
| $ | $ | |
| Assets: | ||
| Accounts receivable | 14,040.00 | |
| Equipment | 30,160.00 | |
| Cash | 9,360.00 | 53,560.00 |
| Less: | ||
| Liabilities: | ||
| Accounts payable | 3,120.00 | |
| Notes payable | 26,000.00 | 29,120.00 |
| Total Stockholders’ Equity | 24,440.00 | |
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