At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?

At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 12P: The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of...

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The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
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