Use the accounting equation to answer each of the following questions. (a) The liabilities of Alli Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Alli Company's total assets? (b) The total assets of Planke Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $50,000;
Chapter 1, Brief Exercises #4
Use the accounting equation to answer each of the following questions.
(a) The liabilities of Alli Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Alli Company's total assets?
(b) The total assets of Planke Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $50,000; and expenses, $35,000. What is the amount of the company's total liabilities?
(c) The total assets of Thao Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Thao Co.'s stockholders' equity?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
(a) The liabilities of Alli Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Alli Company's total assets?
(b) The total assets of Planke Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $50,000; and expenses, $35,000. What is the amount of the company's total liabilities?
(c) The total assets of Thao Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Thao Co.'s stockholders' equity?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Answer
Stockholders' Equity Assets = Liabilities + Common Stock + Retained Earnings Revenues - Expense…View the full answer
Related Book For 
Financial and managerial accounting
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-1118016114