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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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?
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