The owners equity of Goodman Interiors appears on the balance sheet as 300,000 and is equal...
The owners equity of Goodman Interiors appears on the balance sheet as 300,000 and is equal to one-third of the total assets. Compute the amount of total liabilities.
Homework Answers
| Let Total Asset= X |
| Owner Equity = 1/3 of Total Asset |
| Owner Equity = 1/3*X |
| 300000=1/3*X |
| Total Asset =900000 |
| Total Liabilities= Total Asset- Equity |
| =900000-300000= $600000 |
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The owners equity of Goodman Interiors appears on the
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Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
11,250
$
19,440
Accounts payable
$
30,600
$
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Accounts receivable
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16,080
Notes payable
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31,200
Inventory
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Total
$
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Total
$
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$
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Owners’ equity
Common stock and paid-in
surplus
$
48,000
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48,000
Retained earnings
169,500
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Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
11,250
$
19,440
Accounts payable
$
30,600
$
49,200
Accounts receivable
11,850
16,080
Notes payable
24,900
31,200
Inventory
39,150
60,240
Total
$
62,250
$
95,760
Total
$
55,500
$
80,400
Long-term debt
$
27,000
$
24,000
Owners’ equity
Common stock and paid-in
surplus
$
48,000
$
48,000
Retained earnings
169,500
327,600
Net plant and equipment
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