At the beginning of 2011, Huffer Corporation had total assets of $226,800, total liabilities of $84,200, common

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At the beginning of 2011, Huffer Corporation had total assets of $226,800, total liabilities of $84,200, common stock of $80,000, and retained earnings of $62,600. During 2011, Huffer had net income of $42,750, paid dividends of $11,900, and issued additional common stock for $12,800. Huffer’s total assets at the end of 2011 were $278,200.
Required:
Calculate the amount of liabilities that Huffer must have at the end of 2011 in order for the balance sheet equation to balance. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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