Determine the owners' equity of each company. The total assets and total liabilities (in millions) ofKensington Beverages, Inc. and Scooter's CoffeeCorporation follow:Kensington Beverages Scooter's CoffeeAssets$6,480Liabilities $2,145$11,750$5,520Determine the owners' equity of each company.

Definition of Assets:Assets are resources owned by a company that are expected to bring future…

Answered: The total assets and total liabilities…

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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The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: Cash Accounts receivable (net) Inventories BALANCE SHEETS December 31, 2020 Plant and equipment (net) Investment in Sean Total assets Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders' equity Additional Information: Patrick 76,000 148,000 96,000 632,000 462,000 $1,414,000 $ Sean $ 56,000 24,000 80,000 270,000 $430,000 98,000 22,000 66,000 8,000 832,000 236,000 $1,414,000 $ 430,000 142,000 110,000 330,000 • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $462,000. • At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's inventory were $20,000 more than their carrying amounts. In the December 31, 2020, consolidated…
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The total assets and total liabilities (in millions) of Kensington Beverages, Inc. and Scooter's Coffee Corporation follow: Kensington Beverages Scooter's Coffee Assets $6,480 Liabilities $2,145 $11,750 $5,520 Determine the owners' equity of each company.