inning of the year, (a) If total assets increased $135,000 during the year and total liabilities decreased $70,000, what is the amount of stockholders' equity at the end of the year Stockholders' equity (b) During the year, total liabilities increased $117,000 and stockholders' equity decreased $88,000. What is the amount of total assets at the end of the year? Total assets $ $ (c) If total assets decreased $50,000 and stockholders' equity increased $119,000 during the year, what is the amount of total liabilities at the end of the year Total llabilities $

inning of the year, (a) If total assets increased $135,000 during the year and total liabilities decreased $70,000, what is the amount of stockholders' equity at the end of the year Stockholders' equity (b) During the year, total liabilities increased $117,000 and stockholders' equity decreased $88,000. What is the amount of total assets at the end of the year? Total assets $ $ (c) If total assets decreased $50,000 and stockholders' equity increased $119,000 during the year, what is the amount of total liabilities at the end of the year Total llabilities $

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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At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $520,000. During the year. liabilities increased by $26,000 to $222,000; paid-in capital increased by $34,000 to $178,000; and assets increased by $252,000. Dividends declared and paid during the year were $62,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be Indicated with a minus sign.) Beginning Changes Ending Assets 252,000 = Liabilities + + 26,000+ Stockholders' Equity RE PIC + 34,000 + $ 222,000+ $ 178,000+ $520,000 SE
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $629,337 $589,332 Total investments 60,228 40,363 Total property, plant, and equipment 861,159 681,074 Total current liabilities 102,094 83,445 Total long-term liabilities 323,402 228,617 Preferred 9% stock, $100 par 95,941 95,941 Common stock, $10 par 559,966 559,966 Paid-in capital in excess of par-common stock 66,297 66,297 Retained earnings 403,024 276,503 Using the balance sheets for Kellman Company, if net income is $119,929 and interest expense is $36,940 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? Oa. 10.96% Ob. 7.73% Oc. 9.15% Od. 11.29%
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