# Use the basic accounting equation to answer these questions. (a) The liabilities of Daley Company are $90,000

## Question:

(a) The liabilities of Daley Company are $90,000 and the stockholders’ equity is $230,000. What is the amount of Daley Company’s total assets?

(b) The total assets of Laven Company are $170,000 and its stockholders’ equity is $80,000. What is the amount of its total liabilities?

(c) The total assets of Peterman Co. are $800,000 and its liabilities are equal to onefourth of its total assets. What is the amount of Peterman Co.’s stockholders’ equity?

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## Financial Accounting Tools for business decision making

**ISBN:** 978-0470534779

6th Edition

**Authors:** Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso