ACC 561 Week 1 Wileyplus Practice Quiz For more course tutorials visit www . tutorialrank . com
Brief Exercise 1-8 Use the basic accounting equation to answer these questions .
( a ) The liabilities of Lantz Company are $ 93,800 and the stockholders ’ equity is $ 245,000 . What is the amount of Lantz Company ’ s total assets ?
( b ) The total assets of Salley Company are $ 183,000 and its stockholders ’ equity is $ 81,000 . What is the amount of its total liabilities ?
( c ) The total assets of Brandon Co . are $ 860,000 and its liabilities are equal to one-fourth of its total assets . What is the amount of Brandon Co .’ s stockholders ’ equity ?
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ACC 561 Week 1 Wileyplus Practice Quiz For more course tutorials visit www . tutorialrank . com
1 . The proprietorship form of business organization 2 . Most business enterprises in the United States are 3 . A business organized as a separate legal entity is a 4 . Which of the following is the best definition of an internal user of accounting information ? 5 . Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules ? 6 . Which of the following groups uses accounting information to determine whether the company can pay its obligations ? 7 . Which of the following financial statements is divided into major categories of operating , investigating , and financing activities ? 8 . Ending retained earnings for a period is equal to :