Better Soup Co. (BSC) had the following assets and liabilities (in millions) at the end of Year 1. Assets $45,046 Liabilities 24,325 a. Determine the stockholders' equity of Campbell Soup at the end of Year 1. $fill in the blank 1 million b. If assets decreased by $5,856 million and liabilities decreased by $3,153 million, what was the increase or decrease in stockholders' equity for the Year 2? Enter negative values as negative numbers. $fill in the blank 2 million decrease c. What were the total assets, liabilities, and stockholders' equity at the end of Year 2? Total assets $fill in the blank 4 million Total liabilities $fill in the blank 5 million Total stockholders' equity $fill in the blank 6 million d. Based upon your answer to (c), does the accounting equation balance? Yes
Better Soup Co. (BSC) had the following assets and liabilities (in millions) at the end of Year 1. Assets $45,046 Liabilities 24,325 a. Determine the stockholders' equity of Campbell Soup at the end of Year 1. $fill in the blank 1 million b. If assets decreased by $5,856 million and liabilities decreased by $3,153 million, what was the increase or decrease in stockholders' equity for the Year 2? Enter negative values as negative numbers. $fill in the blank 2 million decrease c. What were the total assets, liabilities, and stockholders' equity at the end of Year 2? Total assets $fill in the blank 4 million Total liabilities $fill in the blank 5 million Total stockholders' equity $fill in the blank 6 million d. Based upon your answer to (c), does the accounting equation balance? Yes
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Better Soup Co. (BSC) had the following assets and liabilities (in millions) at the end of Year 1.
| Assets | $45,046 |
| Liabilities | 24,325 |
a. Determine the
$fill in the blank 1 million
b. If assets decreased by $5,856 million and liabilities decreased by $3,153 million, what was the increase or decrease in stockholders' equity for the Year 2? Enter negative values as negative numbers.
$fill in the blank 2 million decrease
c. What were the total assets, liabilities, and stockholders' equity at the end of Year 2?
| Total assets | $fill in the blank 4 million |
| Total liabilities | $fill in the blank 5 million |
| Total stockholders' equity | $fill in the blank 6 million |
d. Based upon your answer to (c), does the
Yes
Expert Solution
Step 1
a. Stockholders' equity = Assets - Liabilities
= $45,046 - 24,325
= $20,721
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