The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow: Dollar Tree Target Assets $13,501 41,290 Liabilities 7,858 29,993 Determine the stockholders' equity of each company. Dollar Tree's stockholders' equity $ million Target's stockholders' equity $ million
The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow:
| Dollar Tree | Target | |||||||
| Assets | $13,501 | 41,290 | ||||||
| Liabilities | 7,858 | 29,993 |
Determine the
| Dollar Tree's stockholders' equity | $ million |
| Target's stockholders' equity | $ million |
A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' Decreased, or Increased from the dropdown and then enter a "0" in the amount box.
| Effect | Amount | |
| 1. Total assets |
|
$ |
| 2. Total liabilities |
|
$ |
| 3. Owner's equity |
|
$ |
b. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' , Increased, or Decreased from the dropdown and then enter a "0" in the amount box.
| Effect | Amount | |
| 1. Total assets |
|
$ |
| 2. Total liabilities |
|
$ |
| 3. Owner's equity |
|
$ |
c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' , Increased, or Decreased from the dropdown and then enter a "0" in the amount box.
| Effect | Amount | |
| 1. Total assets |
|
$ |
| 2. Total liabilities |
|
$ |
| 3. Owner's equity |
|
$ |
c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the
by Bartleby ExpertA vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, In the effect column select 'No change' Decreased, or Increased from the dropdown and then enter a "0" in the amount box.
| Effect | Amount | |
| 1. Total assets |
|
$ |
| 2. Total liabilities |
|
$ |
| 3. Owner's equity |
|
$ |
by Bartleby Expert
