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Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity?

Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity?

FINANCIAL ACCOUNTING
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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Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity? 2. If the total assets of a business are $37 486.49 and the total liabilities are $ 11 547.80.calculate the owner's net worth. 3. On June 31, 2020, Anthony Brown's accounting equation was as follows: Assets ($ 150 000) - Liabilities ($70 000) = Equity ($ 80 000), If during 20 -21 the assets increase by $70 000 and the liabilities decrease by $ 20 000, Calculate the owner's equity.at June 31, 20- 22.
Transcribed Image Text:Financial Position 1. John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity? 2. If the total assets of a business are $37 486.49 and the total liabilities are $ 11 547.80.calculate the owner's net worth. 3. On June 31, 2020, Anthony Brown's accounting equation was as follows: Assets ($ 150 000) - Liabilities ($70 000) = Equity ($ 80 000), If during 20 -21 the assets increase by $70 000 and the liabilities decrease by $ 20 000, Calculate the owner's equity.at June 31, 20- 22.
4. Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts:. His bank balance is $3 650. He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. He owns furniture and household equipment valued at $ 55 000. He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repaid $ 80 000 of the loan. He has unpaid bills amounting up to $4 200 He owes his mother -in- law Jane Duncan, the sum of $ 50 000, which he borrowed interest free several years ago at the time he bought his house. List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity. 5 Mira Gordon assets and liabilities are listed below in random order: Bank balance $856.25; Bank Loan $5 000; House and lot; $185 000.00; Cash on hand $ 85.35, Amount owed to Esso oil $ 135.60, Amount owed to Ontario hydro $85.50, miscellaneous equipment $1 850.00 mortgage on house and lot $90 000.00, Household furniture and furnishings $4 800.00; Amount loaned oto Mira Gordon $ 2 000.00 А. List the assets in one column and total them. В. List the liabilities in another column and total them. С. Calculate Mira Gordon's equity.
Transcribed Image Text:4. Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts:. His bank balance is $3 650. He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. He owns furniture and household equipment valued at $ 55 000. He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repaid $ 80 000 of the loan. He has unpaid bills amounting up to $4 200 He owes his mother -in- law Jane Duncan, the sum of $ 50 000, which he borrowed interest free several years ago at the time he bought his house. List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity. 5 Mira Gordon assets and liabilities are listed below in random order: Bank balance $856.25; Bank Loan $5 000; House and lot; $185 000.00; Cash on hand $ 85.35, Amount owed to Esso oil $ 135.60, Amount owed to Ontario hydro $85.50, miscellaneous equipment $1 850.00 mortgage on house and lot $90 000.00, Household furniture and furnishings $4 800.00; Amount loaned oto Mira Gordon $ 2 000.00 А. List the assets in one column and total them. В. List the liabilities in another column and total them. С. Calculate Mira Gordon's equity.
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