ABAC Farms has assets of $700,000; liabilities of $200,000; Net income of $32,000; and, Consulting Revenue of

Fantastic news! We've Found the answer you've been seeking!

Question:

ABAC Farms has assets of $700,000; liabilities of $200,000; Net income of $32,000; and, Consulting Revenue of $250,000. What is the amount of ABAC Farm's equity?

Related Book For answer-question

Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

See More Books

Posted Date: Apr 04, 2024 10:08 PM

See More Questions

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
1. What are the economic impacts of encouraging a free, competitive market to exist in an economy? 2. Discuss the following statement: Free market economies stimulate greater economic growth, whereas...
The individual and consolidated balance sheets and income statements of P and S Companies for the current year are presented in the accompanying table. The entity theory is used. ADDITIONAL...
Write a program that reads in the x - and y - coordinates in Cartesian space for the endpoints of a line segment and then determines if the line segment is parallel to the y - axis. Hint: a line is...
The oscillator circuit in Fig. 10.134 uses an ideal op amp. (a) Calculate the minimum value of Ro that will cause oscillation to occur. (b) Find the frequency of oscillation. 1 100 k Ro 10 2 nF 10...
Marshall Tool and Die Company has been experiencing significant foreign competition and a declining market. Annual net losses from operations have averaged $250,000 over the last three years. The...
Is the coefficient of restitution $e$ different in two inertial reference frames, which are moving at constant velocity relative to each other? (See Eq. 5.18 if you have forgotten the definition of...
Chuck Wagon Grills, Inc., makes a single producta handmade specialty barbecue grill that it sells for $210. Data for last years operations follow: Required: 1. Assume that the company uses variable...
Which three design considerations to limit the scope of EIGRP queries are correct?
A 1 h.p. electric motor operates a pump continuously. How much work does the motor perform in one day? (1 horse power corresponds to 746 Watts)
More Call For Retraining as Many Jobs Might Not Return Job postings for administrative assistants, human resources personnel, food service workers, beauty consultants, and pet groomers have dwindled....
a. Predict whether the price setting of KFC China is at, above, or below marginal cost (i) in the short run and (ii) in the long run. b. If KFC China starts charging customers more for a localized...
Distinguish among public goods, private goods, common resources, and club goods.
The manner in which we consume, desire and appreciate music has transformed significantly, especially over the past couple of decades. This is evidenced in several ways in our current lives. While...
Is the market for running shoes efficient or inefficient in the long run? Explain your answer. Shows the situation facing Flight Inc., a producer of running shoes, to work Problems Price and cost...
Convert each of the following statements into a syllogism. (You may have to state unstated assumptions.) Use the syllogism to evaluate both the validity and the truth of the statement. 1-The mayor...
The unadjusted trial balance of Secretarial Services is as follows: SECRETARIAL SERVICES Unadjusted Trial Balance as at 31 December 2017 Account Debit Credit Cash at bank Office supplies Prepaid...
With a neat sketch of a room air-conditioner, explain its working principle.
Explain the working of domestic refrigeration system with a neat sketch?
The dynamic viscosity of lubricating oil used between shaft and sleeve is 12 poise. The diameter of the shaft, which rotates at $240 \mathrm{rpm}$, is 0.5 $\mathrm{m}$. The sleeve length is \(120...

ABAC Farms has assets of $700,000; liabilities of $200,000; Net income of $32,000; and, Consulting Revenue of

Question:

Expert Answer:

The equity of ABAC Farms can be calculated ... View the full answer

Fundamental Accounting Principles

Students also viewed these accounting questions