The following financial statement information is known about the two unrelated companies. Answer the followingquestions using your knowledge of the financial statement and particularly the Balance Sheet equation:Company ACompany BDecember 31, 2016:Assets90,000105,000Liabilities38,00045,000December 31,2017AssetsLiabilities96,00082,000?55,000During 2017:Owner Investments -10,00019,000Profit (loss)(16,000)?Owner withdrawalsRequired: What was the Liabilities on December 31, 2017 for Company A?5,0006,000A. $96,000OB. $107,000C. $11,000D 621.000

1. The Balance Sheet Equation: The FoundationImagine a balance scale. On one side, you have…

Answered: The following financial statement…

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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Required information Skip to question [The following information applies to the questions displayed below.] Higgins Company has been operating for one year (2014). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of 2015, Higgins’s T-account balances were as follows: Assets: Cash Short-Term Investments Property and Equipment 4,400 2,300 2,600 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 1,400 390 Stockholders’ Equity: Common Stock Additional Paid-in Capital Retained Earnings 660 2,640 4,210 The following transactions occured in 2015: (a) Borrowed $3,000 from a local bank, signing a note due in three years. (b) Sold $800 of the investments for $800 cash. (c)…
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Assume Metro Company had a net income of $2,100 for the year ending December 2018. Its beginning and ending total assets were $30,000 and $18,000, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.) A. 7% B. 11.67% C. 4.38% D. 8.75%
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Need asap please and thank you. Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets $14,720 Current liabilities $15,360 Long-term assets 32,860 Long-term liabilities 16,860 Total assets $47,580 Stockholders’ equity 15,360 Total liabilities and stockholders’ equity $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664. Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio enter current ratio rounded to 2 decimal places :1 Working capital $enter a dollar amount
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