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(a) The liabilities of Culver Company are $86,000, Common stock account is $156,000; dividends are $37,000; revenues, $448,000; and expenses, $316,000. What is the amount of Culver Company's total assets? Total assets $ (b) The total assets of Sheridan Company are $56,000. Common stock account is $19,500; dividends are $8,500; revenues, $51,000; and expenses, $38,500. What is the amount of the company's total liabilities? Total liabilities

(a) The liabilities of Culver Company are $86,000, Common stock account is $156,000; dividends are $37,000; revenues, $448,000; and expenses, $316,000. What is the amount of Culver Company's total assets? Total assets $ (b) The total assets of Sheridan Company are $56,000. Common stock account is $19,500; dividends are $8,500; revenues, $51,000; and expenses, $38,500. What is the amount of the company's total liabilities? Total liabilities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the accounting equation to answer each of the following questions. (a) The liabilities of Culver Company are $86,000. Common stock account is $156,000; dividends are $37,000; revenues, $448,000; and expenses, $316,000. What is the amount of Culver Company's total assets? Total assets $ (b) The total assets of Sheridan Company are $56,000. Common stock account is $19,500; dividends are $8,500; revenues, $51,000; and expenses, $38.500. What is the amount of the company's total liabilities? Total liabilities. $ (c) The total assets of Dierdorf Co. are $630,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Dierdorf Co's stockholders' equity? Stockholders equity
Transcribed Image Text:Use the accounting equation to answer each of the following questions. (a) The liabilities of Culver Company are $86,000. Common stock account is $156,000; dividends are $37,000; revenues, $448,000; and expenses, $316,000. What is the amount of Culver Company's total assets? Total assets $ (b) The total assets of Sheridan Company are $56,000. Common stock account is $19,500; dividends are $8,500; revenues, $51,000; and expenses, $38.500. What is the amount of the company's total liabilities? Total liabilities. $ (c) The total assets of Dierdorf Co. are $630,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Dierdorf Co's stockholders' equity? Stockholders equity
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