Question

Please find the answers and show how to solve:

At December 31. Year 1, the accounting records of Braun Corporation contain the following items: 10 $ 11,000 $ 230,000 30,000 Accounts Payable Land Capital Stock Building Retained Earnings Accounts Receivable Cash Equipment Notes Payable $ 170,000 $ 150,000 $ 110,000 $ 180,000 cBook If Cash at December 31, Year 1, is $56,000, total assets amounts to: Multiple Choice $607.000 $746.000 Ο Ο Ο Ο $566,000. $596,000

Answer 1

Answer of Question 10: The correct answer is $596,000

Total Assets = Cash + Accounts Receivable + Land + Equipment + Building
Total Assets = $56,000 + $30,000 + $230,000 + $110,000 + $170,000
Total Assets = $596,000

Answer of Question 9: The correct answer is $396,500

Total Assets = Cash + Accounts Receivable + Land + Equipment + Building
Total Assets = $25,000 + $39,000 + $239,000 + $119,000 + $179,000
Total Assets = $601,000

Total Assets = Total Liabilities and Stockholders Equity
Total Liabilities and Stockholders Equity = $601,000

Total Liabilities and Stockholders Equity = Accounts Payable + Capital Stock + Retained Earnings + Notes Payable
$601,000 = $15,500 +Capital Stock + $159,000 + $189,000
$601,000 = $363,500 + Capital Stock
Capital Stock = $601,000 - $363,500
Capital Stock = $237,500

Total Owner’s Equity = Capital Stock + Retained Earnings
Total Owner’s Equity = $237,500 + $159,000
Total Owner’s Equity = $396,500

Answer of Question 8: The correct answer is $290,000

Total Assets = Cash + Accounts Receivable + Land + Equipment + Building
Total Assets = $82,000 + $36,000 + $236,000 + $116,000 + $176,000
Total Assets = $646,000

Total Assets = Total Liabilities and Stockholders Equity
Total Liabilities and Stockholders Equity = $646,000

Total Liabilities and Stockholders Equity = Accounts Payable + Capital Stock + Retained Earnings + Notes Payable
$646,000 = $14,000 +Capital Stock + $156,000 + $186,000
$646,000 = $356,000 + Capital Stock
Capital Stock = $646,000 - $356,000
Capital Stock = $290,000

Answer of Question 7: The correct answer is $700,000

Total Liabilities and Stockholders Equity = Accounts Payable + Capital Stock + Retained Earnings + Notes Payable
Total Liabilities and Stockholders Equity = $18,000 + $324,000 + $164,000 + $194,000
Total Liabilities and Stockholders Equity = $700,000

Total Assets = Total Liabilities and Stockholders Equity
Total Assets = $700,000