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Determine the following: a
Determine the following:
a. The stockholders' equity of a company that has assets of $451,000 and liabilities of $327,000.
b. The retained earnings of a company that has assets of $619,000, liabilities of $226,000, and common stock of $166,000.
c. The assets of a corporation that has liabilities of $401,000, the common stock of $201,000, and retained earnings of $186,000.
Expert Solution
a. Data: Assets = $451,000
Liabilities = $327,000
Finding: Assets = Liabilities + Stockholders' equity
451,000 = 327,000 + Stockholders' equity
Stockholders' equity = 451,000 - 327,000
Stockholders' equity = $124,000
b. Data: Assets = $619,000
Liabilities = $226,000
Common stock = $166,000
Finding: Assets = Liabilities + (Common stock + Retained earnings)
619,000 = 226,000 + (166,000 + Retained earnings)
Retained earnings = 619,000 - 226,000 - 166,000
Retained earnings = $227,000
c. Data: Liabilities = $401,000
Common stock = $201,000
Retained earnings = $186,000
Finding: Assets = Liabilities + (Common stock + Retained earnings)
Assets = 401,000 + (201,000 + 186,000)
Assets = 401,000 + 387,000
Assets = $788,000
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