Question: If total assets equal $270,000 and total liab Sets equal $270,000 and total liabilities equal $202,500, the total owners' equity must equal A. $472,500 B.

If total assets equal $270,000 and total liab Sets equal $270,000 and total liabilities equal $202,500, the total owners' equity must equal 


A. $472,500 


B. $67,500. 


C. Can not be determined from the information given. 


D. Some other amount.

Step by Step Solution

★★★★★

3.51 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

option B is correct Owner equity 67... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

If total assets equal $345,000 and total stockholders' equity equal $140,000, then total liabilities must equal

Q:

Compare the number of new businesses per 10,000 residents between Professional and Agriculture SA3s (both in 2011). The p-value (2 decimal places) obtained after performing a one-tailed t-test for...

Q:

A smart home is connected to micro grid as well as utility grid. The micro grid consists of solar and wind energy. Solar power plant meet 60% of energy demand of smart home while rest is from wind...

Q:

Question 4 JSN Enterprise is evaluating its financing requirements for the coming year. The firm has only been in business for 1 year, but its CFO predicts that the firm's operating expenses, current...

Q:

2. (Financial ratios) The balance sheet and income statement for the R& H Mfg. Company are as follows: R& H Mfg., Inc. Balance Sheet ($000) Cash $500 Accounts receivable 2,000 Inventories 1,000...

Q:

find the answers to the following with solution Consider the following transactions: Owners invested P3,000 cash to begin the business Il Provided services for cash, P2,500 Ill Provided services on...

Q:

QUESTION 3 (20 marks) A) The balance sheet and income statement for the J. P. Robard Mfg. Company are as follows: (12 marks) Balance Sheet ($000) Cash $ 500 Accounts receivable 2,000 Inventories...

Q:

CarsonElectronics' management has long viewed BGT Electronics as an industry leader and uses this firm as a model firm for analyzing its own performance. The balance sheets and income statements for...

Q:

Saira Morrow is the sole owner of Buena Vista Park, a public camping ground near the Crater Lake National Recreation Area. Saira has compiled the following financial information as of December 31,...

Q:

Under current GAAP, inflation is ignored in accounting due to the: Select one: a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e....

Q:

Mark has to cross 6 traffic lights on his way to work every day. There is a 40% probability that he will hit a red light at any selected traffic light. Find the probability that Mark will hit exactly...

Q:

On behalf of the landlord you have given the long term tenant 30 days to terminate the tenancy at the end of the fixed term. The tenants have been excellent up until now, however, their direct...

Q:

The method of applying factory overhead expense to production that considers the non - volume related activities that create overhead costs is called the Work - In - Process Method Direct Labor Cost...

Q:

You would like to construct a 95% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the...

Q:

1 Prove by M.I. that 6 n+2 + 7 2n+1 is divisible by 43 for each positive integer n. 2 Prove 06 i (i+1) 3 Determine the number of 6 digit integers no leading Os in which i) no digit is repeated ii) no...

Q:

XYZ Windows Ltd is involved in a research and development project to create a filtering window that removes the need for curtains. For the current year ended 30 June 2020 expenditure on the project...

Q:

Prepare journal entries to record the following transactions related to the acquisition of capital assets by Rockytop County. Rockytop does not use encumbrance accounting. Identify the fund or funds...

Q:

The owner of a retail store randomly selected the following weekly data on profits and advertising cost. (Hint: put these numbers into excel and run a regression) Week Advertising Cost ($) Profit ($)...

Q:

Knowing that you have some accounting experience, a friend has sought your advice regarding a business that he intends purchasing. The balance sheet for the business shows total assets of $80 000 and...

Q:

Obtain the annual reports for three well-known companies, such as Ford Motor Co., General Motors, IBM, Microsoft, or Amazon.com. These annual reports can be obtained from the library, the companys...

Q:

Midwest Packaging's ROE last year was only 3%; but its management has developed a new operating plan that calls for a debt-to-capital ratio of 60%, which will result in annual interest charges of...

Q:

Refer to Nokias balance sheet in Appendix A near the end of the book. Confirm that its total assets equal its total liabilities plus total equity.

Q:

Refer to KTMs 2011 balance sheet in Appendix A near the end of the book. Confirm that its total assets equal its total liabilities plus total equity.

Q:

On July 1, 20--, Susan Woodworth and Barbara Holly combined their two businesses to form a partnership under the firm name of Woodworth and Holly. The balance sheets of the two sole proprietorships...