Hello teacher please help me this question For each of the following situations, compute themissing amount.a. Assets $71,300, Liabilities $15,400 = Net worth$b. Assets $89,500, Liabilities $ = Net worth $25,500c. Assets $37,080, Liabilities $13,665 = Net worth$d. Assets$, Liabilities $40,645 = Net worth $58,254

Step 1: Definition of Net WorthNet worth is the difference between a business's total assets and…

Answered: For each of the following situations,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

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Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
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Please provide this question answer general accounting

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For each of the following situations, compute the missing amount. a. Assets $71,300, Liabilities $15,400 = Net worth$ b. Assets $89,500, Liabilities $ = Net worth $25,500 c. Assets $37,080, Liabilities $13,665 = Net worth$ d. Assets$, Liabilities $40,645 = Net worth $58,254