Tony's Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000.
Question:
Tony's Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000. At the end of 2016, Tony's Advertising's total assets were $39,000 and total liabilities were $10,000.
After analyzing the data, answer the following questions:
1. What was the amount of the increase or decrease in stockholders' equity?
2. Identify two possible reasons for the change in stockholders' equity during the year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Req 1 TotalAssets Total Liabilities Total Stockholde...View the full answer
Answered By
Gaurav Soni
Teaching was always an area where I can pursue my passion. I used to teach my friends and junior during my school and college life. After completing my professional qualification (chartered accountancy) and before joining my job, I also joined an organization for teaching and guidance to my juniors. I had also written some articles during my internship which later got published. apart from that, I have also given some presentations on certain amendments/complex issues in various forms.
Linkedin profile link:
https://www.linkedin.com/in/gaurav-soni-38067110a
5.00+
7+ Reviews
13+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Alecs Designs started business in 2012 with total assets of $25,000 and total liabilities of $20,000. At the end of 2012, Alecs Designs total assets were $65,000, and total liabilities were $12,000....
-
Tim's Tee Shirts started business in 2016 with total assets of $40,000 and total liabilities of $26,000. At the end of 2016, Tim's Tee Shirts total assets were $53,000 and total liabilities were...
-
Bob Auto Repairs, Inc., started 2012 with total assets of $19,000 and total liabilities of $9,000. At the end of 2012, Bobs total assets stood at $27,000, and total liabilities were $13,000....
-
ABC Company produces and sells I product. Once the products are produced, they are sold, and there is no work-in- process, no any inventory in stock. Company uses standard costing method in its...
-
Minimum cost Hard brick, Inc, has two kilns, Kiln I can produce 3000 grey bricks, 2000 red bricks, and 300 glazed bricks daily. For Kiln II the corresponding figures are 2000, 5000 and 1500. Daily...
-
Find the maximum of the function using Trust region method \(f=15 x_{1}+8 x_{1} x_{2}+5 x_{2}\) subject to \(x_{1}+x_{2} \leq 10\)
-
Water flows in a rectangular channel that is \(2.0 \mathrm{~m}\) wide as shown in Fig. P3.124. The upstream depth is \(70 \mathrm{~mm}\). The water surface rises \(40 \mathrm{~mm}\) as it passes over...
-
The following report appeared in the New York Times on August 7, 1989 (Dollars Strength a Surprise, p. D1): But now the sentiment is that the economy is heading for a soft landing, with the economy...
-
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.00 and $2.15, respectively. The equivalent units to be assigned costs are as...
-
A store maintains data on customers, products and purchase records in three tables: CUSTOMER, PRODUCT, PURCHASE. The store manager wants to know which product is on its maximum discount for each...
-
Amicho Deli had $94,000 of total assets and $10,000 of total stockholders' equity at July 31, 2016. At July 31, 2017, Amicho Deli had assets totaling $151,000 and stockholders' equity totaling...
-
The balance sheet data for Bell Computers, Inc., at August 31, 2016, and September 30, 2016, follow: Requirement The following are three independent assumptions about the business during September....
-
The temperature of a coated tungsten part is increased. What happens when the protective coating on a tungsten part expands more than the tungsten? What happens when the protective coating on a...
-
On January 2, 2018, Upton, Inc., signed a ten-year lease for office space. Upton classified the lease as a finance lease. Upton has the option to renew the lease for an additional five-year period on...
-
b) In addition to its data centre in Texas, BitTech currently has 1,000 servers located in Singapore. These are deployed for cloud services. With the advent of AI technologies such as Google Bard,...
-
1. Reduce your nervousness when speaking in a discussion or meeting 2. Understand, respect, and adapt to diverse group members 3. Communicate openly and honestly 4. Assume critical task roles...
-
For each of the following steps during mise-en-place, use one example to explain the precautionary measures you would take to ensure requirements for special dietary food dishes are not compromised,...
-
A client tells you they can't convert an estimate to a purchase order. Which 2 of these might be the reason? They're not set up as Company admin They haven't added QuickBooks Payments to their...
-
A university wanted to survey alumni about their interest in lifelong learning classes. They mailed questionnaires to a random sample of 600 alumni from their database of over 30,000 recent...
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
Purpose: To help you understand and compare the performance of two companies in the same industry. Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the section...
-
Purpose: To help you understand the importance of cash flows in the operation of a small business. Youre having a tough time figuring out why your actual cash is always coming up less than the amount...
-
Youve been asked by your boss to write a brief description of what the control activities should be that are a part of the development of a strong internal control system in your office. You know...
-
4.5. Multiplication in GF(24): Compute A(x)-B(x) mod P(x) in GF(24) using the irreducible polynomial P(x) = x++x+1. What is the influence of the choice of the reduction polynomial on the computation?...
-
Write a C++ program that calculates the volume of a cylinder. Define appropriate variables for the diameter and the height of the cylinder. Assuming the units of these variables are in inches,...
-
a. Show the d and values that result from running breadth-first search on the directed graph of Fig 1, using vertex A as the source. (Ascending Order) b. Show the d, f and values that result from...
Study smarter with the SolutionInn App