Question: Lotterman & Son, Inc. has assets equal to twice the amount of its liabilities. Required: (a) Assuming Lotterman & Sons total stockholders equity is $2,000,000;

Lotterman & Son, Inc. has assets equal to twice the amount of its liabilities.
Required:
(a) Assuming Lotterman & Son’s total stockholders’ equity is $2,000,000; determine the company’s total assets and total liabilities.
(b) Assuming $958,000 of the company’s stockholders’ equity consists of common stock and additional paid-in capital; determine Lotterman & Son’s retained earnings.

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