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...