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: