This Tutorial comes with Excel File to solve for any values
Resource : WileyPLUS Complete the following Week 1 Assignment in WileyPLUS :
� Brief Exercise : 1-7
� Brief Exercise : 1-8
Brief Exercise 1-7 Indicate which statement you would examine to find each of the following items : income statement , balance sheet , retained earnings statement , or statement of cash flows .
( a ) |
Revenue during the period . |
( b ) |
Supplies on hand at the end of the year . |
( c ) |
Cash received from issuing new bonds during the |
period . |
( d ) |
Total debts outstanding at the end of the period . |
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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