The balance sheet of Riverstone Productions at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $40,000 b. $20,000 c. $30,000 d. $50,000

The balance sheet of Riverstone Productions at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $40,000 b. $20,000 c. $30,000 d. $50,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...

See similar textbooks

Related questions

Q: Assume that The fixed monthly expenses do not change?

A: Step 1: Define Net IncomeNet income is the amount left after all expenses were taken into…

Q: At the beginning of the year, a company estimates the following manufacturing costs for the next…

A: Explanation of Direct Labor: Direct labor represents the wages and related costs of employees who…

Q: What is the gross profit percentage for the current year ? General accounting

A: Step 1: Define Gross ProfitThe gross profit of a company is reported on its income statement. It is…

Q: How much will you have in 11 years ??

A: To find out how much you will have in 11 years, we calculate the future value of the $43,000 after…

Q: The Smith company uses standerd costing

A: Step 1: Definition of Material Price VarianceMaterial Price Variance measures the difference between…

Q: Give me correct answer this general accounting question

A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in a…

Q: Calculate each year's gross profit percentage????

A: Step 1: Define Gross ProfitGross profit is the profit earned over the cost of goods sold. It is…

Q: what are the equivalent units for the materials unit cost calculations are __.

A: To calculate the equivalent units for materials using the average cost method, we consider that…

Q: Please see attachment for details

A: Explanation of Operating Activities: Cash from operating activities represents money generated from…

Q: Subject: Financial Accounting

A: Concept of Net Sales:Net sales refer to the total revenue a company generates from selling its goods…

Q: What is the equivalent rate with semi annual compounding on these financial accounting question?

A: Step 1: Define Effective Annual Interest Rate (EAR)Apart from a nominal interest rate, an effective…

Q: Don't use ai for this general account questions.

A: The correct answer is:B. Debit Capital; Credit Withdrawals Explanation:The Withdrawals account…

Q: Do fast answer of this general accounting question

A: Step 1: Define Depreciation ExpenseDepreciation expense refers to the fall in the value of assets…

Q: Hii expert please given correct answer general accounting

A: Step 1: Define Retention ratioThe retention ratio denotes the allocation of net earnings that the…

Q: Account tutor help to solve this.

A: The correct answer is:e. None of the above. Explanation:If the ending inventory is understated by…

Q: The per unit manufacturing cost under variable costing is _.

A: To calculate the per unit manufacturing cost under variable costing, we include only the variable…

Q: Romasanta Corporation manufactures a single product. The following data pertain to the company's…

A: Step 1: Determine the fixed manufacturing overhead cost per unit ($53 per unit)Step 2: Calculate the…

Q: Financial Accounting Question please answer

A: Step 1: Define Compound InterestThe future value FV of an amount undergoing compound interest with…

Q: Calculate eps

A: Explanation of Net Sales: Net sales represents the total revenue generated from selling goods or…

Q: Step by step Answer☑

A: Explanation of Predetermined Overhead Rate:The Predetermined Overhead Rate is a ratio used to…

Q: If a company has sales revenue of $120,000, cost of goods sold of $70,000, and operating expenses of…

A: Step 1: Formula Net income = Sales - Cost of goods sold - Operating expenses Step 2: Substitution…

Q: A company uses a process cost accounting system. It's Sewing Department completed and transferred…

A: Approach to solving the question: Units completed and transferred outFormula for Equivalent Units of…

Q: A company’s beginning inventory is $13,000, purchases during the period are $33,000, and the ending…

A: Concept of Beginning Inventory:The beginning inventory refers to the value of a company's stock of…

Q: Compute the Grinding Department's equivalent units of production for materials and conversion in…

A: To compute the Grinding Department's equivalent units of production (EUP) for materials and…

Q: Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: a. $50,000 increase. b. $0.…

A: The correct answer is:b. $0 Explanation:When Anthony, Inc. buys land for $50,000 cash, the company…

Q: Applying LCM, NeCo determines that as of Dec. 31, 20x3, merchandise that originally cost $46,300 is…

A: The correct answer is:d. Make an entry to increase cost of goods sold. Explanation of the LCM Rule…

Q: Get correct answer general accounting question

A: Explanation: In the given case, we are required to calculate the monthly payment if the purchase of…

Q: What is the Ending Inventory?

A: Explanation of Ending Inventory:Ending inventory refers to the value of goods that remain unsold at…

Q: Net Income reported under variable costing will exceed net income reported under full costing during…

A: The correct answer is:a. The number of units sold exceeds the number of units produced during the…

Q: During FY 2005 T-REX Manufacturing had total manufacturing costs are $418,000. Their cost of goods…

A: Explanation of Manufacturing Costs: These are all costs directly involved in the production of…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Operating Leverage and its Impact on Net IncomeOperating leverage measures how…

Q: Can you help me with general accounting question

A: Step 1: Identify the accounting equationStep 2: Note the changes in liabilities and stockholders'…

Q: How much will you have in 11 years ?? General accounting

A: To find out how much you will have in 11 years, we calculate the future value of the $43,000 after…

Q: Please given correct option general accounting

A: Step 1: Define Absorption CostingAbsorption costing is a practice applied to determine the cost of a…

Q: Please solve this question general accounting

A: Calculation of interest expense for the year ended December 31, 2010:Principal of the note:…

Q: Need help

A: Step 1: Define Accounts Receivable TurnoverThe Accounts Receivable Turnover ratio is a financial…

Q: Financial accounting

A: Step 1: Define Return on Equity (ROE)The return on equity ratio denotes the net income made by a…

Q: Solution want

A: To calculate the amount in Common Stock, we use the accounting equation:…

Q: If supplies that have been purchased are used in the course of business, then: a. a liability will…

A: The correct answer is:c. owner's equity will decrease. Explanation:When supplies are used in the…

Q: Given the Information below ⬇

A: Explanation of Gross Profit:Gross profit is the profit a company earns from its core operations,…

Q: Compute the labor quantity variance?

A: Step 1: Define Variance AnalysisVariance analysis can also be used to track the performance of…

Q: Get correct answer accounting questions

A: Step 1: Definition of Clay to Be PurchasedThe total amount of clay to be purchased is determined by…

Q: None

A: To determine the initial investment (present value, PPP), we use the formula for compound…

Q: Solution to below Problem

A: Explanation of Gross Profit Method: The gross profit method is an inventory estimation technique…

Q: Kindly help me with accounting questions

A: Step 1: Define Factory OverheadFactory overhead should be allocated using a base related to…

Q: During the current year, the assets of Vitamin Water increased by $73,000, and the liabilities…

A: Problem:During the current year, the assets of Vitamin Water increased by $73,000, and the…

Q: Hello tutor please help me this question

A: Step 1: Define Taxable IncomeTaxable income refers to the net income of an individual or a business…

Q: Not use chart solution given correct answer general Accounting

A: Calculation of Units started and completed outUnits Completed and Transferred Out= Beginning WIP +…

Q: What was Mary janane's beginning capital balance??

A: Step 1: Define Total EquityThe total equity is the net amount of assets after deducting liabilities.…

Q: Answer?? General Account

A: To calculate the cost per equivalent unit for conversion costs, we use the weighted-average method…

Question

What were the liabilities at December 31 on these general accounting question?

The balance sheet of Riverstone Productions at December
31 showed assets of $50,000 and shareholders' equity of
$30,000. What were the liabilities at December 31?
a. $40,000
b. $20,000
c. $30,000
d. $50,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Suppose that you are given the following data for Niles Company : Note: The data and calculations are based on a 365-day year. Cash and equivalents Fixed assets Sales Net income Current liabilities Current ratio DSO ROE $225,000 $650,000 $2,500,000 $112,500 $240,000 2.5 18.25 12.00%
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600.The amount of liabilities reported on the end-of-period balance sheet was: a. $29,400 b. $27,400 c. $24,850. d. $20,800.
Sun City Corporation's end-of-year balance sheet consisted of the following amounts: Cash Property, plant, and equipment Capital stock Retained earnings $ 25,000 70,000 100,000 Ob. $200,000 Oc. $165,000 Od. $100,000 7 Accounts receivable Long-term debt Accounts payable Inventory What amount should Sun City report on its balance sheet for total assets? Oa. $95,000 $70,000 40,000 20,000 35,000
The company had the following final balances after the Arst year af aperations: assets, $45,000, stockhalder equity, $25,000; dividends, $3,000; and net income, $10,000. What is the amount of the tompany liabilities? A $13,000. B $7,000. C $40,000. D $65,000.
Chartreuse Corporation reported the following information at the end of its firs Common stock: $40,000 Sales revenue: $210,000 Total assets: $170,000 Total liabilities: $70,000 Dividends: $30,000 What must have been the expenses for the year? Select one: A. $120,000 B. $150,000 C. $ 32,000 D. $130,000
11. Ariel Corporation reports the following year-end balance sheet data. The company's working capital equals: Cash Accounts receivable Inventory Equipment Total assets (A) $80,000 (B) $155,000 (C) $75,000 (D) $300,000 (E) $190,000 $40,000 55,000 60,000 Current liabilities Long-term liabilities Common stock 145,000 Retained earnings $ 300,000 Total liabilities and equity $ 75,000 35,000 100,000 90,000 $ 300,000
Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $440,000 133,000 307,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) OA. 30.23% OB. 43.32% O C. 100.00% O D. 69.77%
You find the following financial information about a company: net working capital = $7, 809; total assets $11,942; and long-term debt Multiple Choice $9, 115 $4, 507 $10, 339 $6, 129 $4, 133 = = = $1, 287; fixed assets $4,589. What is the company's total equity?
General Accounting
Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 20X1: Prince Sprite Current assets $ 30,000 $ 15,000 Noncurrent assets 55,000 25,000 Total assets $ 85,000 $ 40,000 Current liabilities $ 20,000 $ 10,000 Long-term debt 20,000 5,000 Stockholders’ equity 45,000 25,000 Total liabilities and stockholders’ equity $ 85,000 $ 40,000 On January 2, 20X1, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprite’s common stock. The excess of the purchase price over Sprite’s book value of net assets was allocated 60% to inventory and 40% to goodwill. Required: Show the amounts that Prince will report on its January 2, 20X1, consolidated balance sheet for the following items under (a) the acquisition method and (b) the purchase method if the acquisition had taken place when that method was required under U.S. GAAP.
On January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…
On January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…