Financial information for three independent cases is as follows:a. The liabilities of Dent Company are $82,000, and its stockholders’ equity is $120,000. Whatis the amount of Dent’s total assets?b. The total assets of Wayne Inc. are $55,000, and its stockholders’ equity is $22,500. What isthe amount of Wayne’s total liabilities?c. Gordon Company’s total assets increased by $60,000 during the year, and its liabilitiesdecreased by $35,000. Did Gordon’s stockholders’ equity increase or decrease? By howmuch?Required:Determine the missing amount for each case.
Financial information for three independent cases is as follows:a. The liabilities of Dent Company are $82,000, and its stockholders’ equity is $120,000. Whatis the amount of Dent’s total assets?b. The total assets of Wayne Inc. are $55,000, and its stockholders’ equity is $22,500. What isthe amount of Wayne’s total liabilities?c. Gordon Company’s total assets increased by $60,000 during the year, and its liabilitiesdecreased by $35,000. Did Gordon’s stockholders’ equity increase or decrease? By howmuch?Required:Determine the missing amount for each case.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| Financial information for three independent cases is as follows: a. The liabilities of Dent Company are $82,000, and its is the amount of Dent’s total assets? b. The total assets of Wayne Inc. are $55,000, and its stockholders’ equity is $22,500. What is the amount of Wayne’s total liabilities? c. Gordon Company’s total assets increased by $60,000 during the year, and its liabilities decreased by $35,000. Did Gordon’s stockholders’ equity increase or decrease? By how much? Required: Determine the missing amount for each case. |
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