Homework Answers
Total assets = $780,000
Capital stock = $500,000
Retained earnings = %150,000
Stockholders equity = Capital stock + Retained earnings
= 500,000+150,000
= $650,000
Total assets = Total Liabilities + Stockholders Equity
780,000 = Total Liabilities + 650,000
Total Liabilities = $130,000
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LUMPUL RECULUJ LO2-4 BRIEF EXERCISE 2.4 Computing Total Liabilities White Company's assets total $780,000 and its...
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need exercise 2.1 answered numbers 1 and 2 thanks
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2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
6,600
$
12,750
Accounts payable
$
50,000
$
68,750
Accounts receivable
12,200
14,250
Notes payable
19,000
35,500
Inventory
78,200
95,250
Total
$
97,000
$
122,250
Total
$
69,000
$
104,250
Long-term debt
$
48,000
$
45,000
Owners’ equity
Common stock and paid-in
surplus
$
50,000
$
50,000
Retained earnings
233,000
300,750
Net plant and equipment
$...
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need exercise 2.1 answered numbers 1 and 2 thanks
BRILP EAERLISE 2.) Computing Change in Cash U umng the current year: • Earned revenues of $100.000 and incurred expenses of $56,000, all in cash. Purchased a truck for $25,000. Sold land for $10,000 • Borrowed $15.000 from a local bank. What was the total change in cash during the year? LO2-8 BRIEF EXERCISE 2.8 Alternative Forms of Equity Solway Company is a sole proprietorship whose owner, Joe Solway, has an...
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
6,600
$
12,750
Accounts payable
$
50,000
$
68,750
Accounts receivable
12,200
14,250
Notes payable
19,000
35,500
Inventory
78,200
95,250
Total
$
97,000
$
122,250
Total
$
69,000
$
104,250
Long-term debt
$
48,000
$
45,000
Owners’ equity
Common stock and paid-in
surplus
$
50,000
$
50,000
Retained earnings
233,000
300,750
Net plant and equipment
$...
Brief Exercise 1-2 Given the accounting equation, answer each of the following questions. (a) The liabilities of Whispering Winds Company are $123,000 and its stockholders' equity is $240,500. What is the amount of Whispering Winds Company's total assets? Whispering Winds Company's total assets $ (b) The total assets of Whispering Winds Company are $196,500 and its stockholders' equity is $90,500. What is the amount of its total liabilities? Whispering Winds Company's total liabilities $ (c) The total assets of Whispering...
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Brief Exercise 1-4 Use the accounting equation to answer each of the following questions. (a) The liabilities of Olga Company are $82,520. Common stock account is $141,500; dividends are $93,680; revenues, $456,960; and expenses, $333,840. What is the amount of Olga Company's total assets? Olga Company's total assets + (b) The total assets of Lafayette Company are $64,140. Common stock account is $17,330; dividends are $7,620; revenues, $45,300; and expenses, $36,910. What is the amount of the company's total liabilities?...
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