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Suppose you manage a Coffee Plus! restaurant
Suppose you manage a Coffee Plus! restaurant. Identify the missing amount for each situation:
| Total Assets | = | Total Liabilities | + | Stockholders' Equity | |
| a. | $ ? | $320,000 | $340,000 | ||
| b. | 135,000 | 57,000 | ? | ||
| c. | 401,000 | ? | 356,000 |
Expert Solution
a. Given:
Liabilities = $320,000
Stockholders' equity = $340,000
Solving:
Assets = Liabilities + Stockholders' equity
Assets = 320,000 + 340,000
Assets = $660,000
b. Given:
Liabilities = $57,000
Assets = $135,000
Solving:
Assets = Liabilities + Stockholders' equity
135,000 = 57,000 + Stockholders' equity
Stockholders' equity = 135,000 - 57,000
Stockholders' equity = $78,000
c. Given:
Stockholders' equity = $356,000
Assets = $401,000
Solving:
Assets = Liabilities + Stockholders' equity
401,000 = Liabilities + 356,000
Liabilities = 401,000 - 356,000
Liabilities = $45,000
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