Brief Exercise 1-5 (Algo) Interpreting the accounting equation LO 1-5 Live Right Incorporated provides crises management services for celebrities and political figures. The company was started when it acquired $34,000 cash from creditors and $147,000 from owners. The company immediately purchased a building that cost $78,000. Required: a. Live Right Incorporated's obligations to creditors represent what percentage of total assets? b. Live Right Incorporated's stockholders' equity represents what percentage of total assets? Note: For all requirements, round your answers to the nearest whole percentage. a. Obligations to creditors b. Stockholders' equity Total Assets % %

Brief Exercise 1-5 (Algo) Interpreting the accounting equation LO 1-5 Live Right Incorporated provides crises management services for celebrities and political figures. The company was started when it acquired $34,000 cash from creditors and $147,000 from owners. The company immediately purchased a building that cost $78,000. Required: a. Live Right Incorporated's obligations to creditors represent what percentage of total assets? b. Live Right Incorporated's stockholders' equity represents what percentage of total assets? Note: For all requirements, round your answers to the nearest whole percentage. a. Obligations to creditors b. Stockholders' equity Total Assets % %

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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Questions: 1. What is the total equity of Ackerman Limousine Service? 2. What us the total amount of Mikasa Ackerman's claims against the total assets of the business?
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1. What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?
3 Event No. Required information [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. Required a. Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the cell blank. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) 1. 2. 3. 4. 5. 6. 7. 8. 9. Total 6. Acquired an additional $25,000 cash from the…
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