Using the Basic Accounting Equation Use the basic accounting equation to answer the following: a. Hawkins Company
Question:
Using the Basic Accounting Equation Use the basic accounting equation to answer the following:
a. Hawkins Company has total assets of \(\$ 150,000\) and total liabilities of \(\$ 110,000\). How much is the company's total stockholders' equity?
b. Paul Company has total liabilities of \(\$ 170,000\) and total stockholders' equity of \(\$ 105,000\). How much total assets does the company have?
c. If Black Company's total assets increased by \(\$ 35,000\) during the year, and its total liabilities decreased during the same year by \(\$ 20,000\), what was the change in the company's total stockholders' equity?
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Step by Step Answer:
The basic accounting equation is a fundamental principle in accounting that states Assets Liabilities Stockholders Equity We can use this equation to solve the problems you presented a Hawkins Company ...View the full answer
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