Chapter 1, Problem 24BE

Brief Exercise 1-24 The Accounting Equation

Financial information for three independent cases is as follows:

1. The liabilities of Dent Company are $82,000, and its stockholders' equity is $120,000. What is the amount of Dent’s total assets?
2. The total assets of Wayne Inc. are $55,000, and its stockholders' equity is $22,500. What is the amount of Wayne’s total liabilities?
3. Gordon Company’s total assets increased by $60,000 during the year, and its liabilities decreased by $35,000. Did Gordon’s stockholders' equity increase or decrease? By how much?

Required:

Determine the missing amount for each case.