Answered: The equity of Alliance Company is…

The equity of Alliance Company is $170,000 and the total liabilities are $90,000. The total assets are OA. $340,000 OB. $80,000 C. $260,000 D. $180,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 15MCQ: Hummel Inc. has $30,000 in current assets and $15,000 in current liabilities. What is Hummels...

See similar textbooks

Related questions

Q: has a shoes and a shirts division. The company reported the following segmented Income statement for…

A: In this question, we need to identify the effect of shut down of Shirts division on company's…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Retained earnings Total SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Sales…

A: Cash Flow Statement - It is the statement shows the flow of cash and cash equivalent in three…

Q: Indigo Company's net income for 2025 is $641,000, and 79,000 shares of common stock were issued and…

A: Diluted EPS (earnings per share) is one of the financial ratios used to determine the effect of…

Q: Sandhill Builders contracted to build a high-rise for $29,000,000. Construction began in 2024 and is…

A: Gross profit refers to an amount that is earned by the business after deducting the costs incurred…

Q: Richards Company manufactures a single product. All raw materials used were direct materials.…

A: Cost of materials used:— It is the cost of direct raw materials used in the manufacturing of the…

Q: The Greenback Store’s cost structure is dominated by variable costs with a contribution margin ratio…

A: Operating profit is the amount of profit earned by the entity after deducting the cost of goods sold…

Q: Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of…

A: When a distribution is made in complete liquidation of a company, certain rules under the tax law…

Q: ncroft currently manufactures a subcomponent that is used in its main product. A supplier has…

A: Short-term profit alone does not provide a comprehensive view of a company's overall financial…

Q: Metlock University sells 5,600 season basketball tickets at $50 each for the entire 10-game home…

A: Adjusting entries are journal entries usually made at the end of an accounting period to allocate…

Q: e. On the basis of the schedule above, prepare the journal entry or entries to record the bond…

A: Please find the required journal entries based on the amortization table provided in the question in…

Q: Cost allocation is often the centerpiece of conflict that is resolved in court cases. The litigation…

A: The operating department receives the expense of a department under the direct method.A service…

Q: Required information TES-824 Inc is a retailer Its accountants are preparing the company's 2nd…

A: The purchase budget is prepared to estimate the cost of inventory purchased during the period. The…

Q: ABC Corporation had the following account balances at the beginning of the year: Cash: $10,000…

A: The ending balance of equity, also known as ending equity or closing equity, refers to the residual…

Q: Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b)…

A: To keep track of a business transaction, the business organizations record the entries in the…

Q: Calculate ending inventory, cost of goods sold, and gross margin for 2013 and 2014 under the…

A: In FIFO method,we assume that the inventory which came first will be sold first. In LIFO method,we…

Q: Required information [The following information applies to the questions displayed below.] The first…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Garrison Co. produces three products — X, Y, and Z — from a joint process. Each product may be sold…

A: Manufacturing companies must allocate joint costs to determine the inventory value of the products…

Q: (44). Subject:- Accounting On March 1, Emma Corp purchased 1,900 (or 11%) of the common shares…

A: Calculate the amount recorded to the "Investment in Christine Corp" account on March 1, we need to…

Q: Robart Services pays its employees monthly. The payroll information listed below is for January…

A: Tax expense is the amount of tax paid by the entity on its income. It is paid to the taxation…

Q: Dyer, Incorporated, completed its first year of operations on December 31, 2021, Because this is the…

A: Accrual Concept Under the accrual concept, revenues are recognized as and when they are earned,…

Q: records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net…

A: Solution: Cost Retail Cost to retail % Beginning inventory $ 245,000 $ 350,000 70% Net…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: FIFO : It stands for First -In-First -Out. It is a method of inventory valuation where materials…

Q: A company purchased a machine for $100,000 with an estimated useful life of 10 years and a salvage…

A: To calculate the annual depreciation expense and the book value of the machine after 5 years using…

Q: Presented below is information for Crane Company for the month of March 2020. Cost of goods sold…

A: Income statement is the financial statement that is prepared by the entity to determine the profits.…

Q: Required: 1 2 Calculate the cost assignment ratios to be used under the sequential method for S2,…

A: Cost allocation is one of the processes in cost management which includes the identification of…

Q: Calculate the present value of net benefits assuming the benefits are realized at the end of each of…

A: Installation cost=$1,000,000 Cost for 1st year=$500,000 Cost for 2nd year=$700,000 Cost for 3rd…

Q: What is the impact of issuing new shares on stockholder's equity?

A: Stockholder's equity, sometimes referred to as shareholders' equity or equity capital, is the…

Q: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold…

A: An income statement is a financial statement that analyzes a business entity's financial performance…

Q: Given the following information, determine Salem Company's fixed assets Sales = $10,000,000 Total…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The following situations are independent of each other. a. b. Monty Corp. redeemed $135,000face…

A: Redemption is described as the repayment of any security issued or debt issued, or any bonds issued…

Q: The Long Term Care Plus Company has two service departments — actuarial and premium rating, and two…

A: Equations for the allocation of service department costs R = 70,000 + 0.10A A= 80,000+0.10R…

Q: Snow Big Corp. (SBC) recently filed for bankruptcy protection. The company manufactures downhill…

A: As Snow Spray Corp.'s (SSC) corporate controller, it is my job to supervise the financial reporting…

Q: Sage Company is operating at 90% of capacity and is currently purchasing a part used in its…

A: If a business expense is the same whether more or fewer goods and services are produced or sold, it…

Q: Two investment centers at Marshman Corporation have the following current-year income and asset…

A: Return on investment: - It is one of the measures used to evaluate the performance of a division in…

Q: KLM Mining Company constructed a building costing P2, 800,000 on the mine property. The estimated…

A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…

Q: On January 1, 2021, Instaform, Inc., Issued 10% bonds with a face amount of $54 million, dated…

A: Issue price of bonds would be present value of interest annuity & maturity amount at market rate…

Q: S Required: a. Firm A has a margin of 12%, sales of $550,000, and ROI of 18%. Calculate the firm's…

A: Margin :— It is calculated by dividing net income by sales. Turnover :— It is calculated by…

Q: Assume that on July 1, 2027, Swifty Co. redeems half of the bonds at a cost of $1,126,600 plus…

A: Please find the required journal entries on July 01, 2027 in step 2 below.

Q: Helen is contemplating purchasing a single premium annuity from an insurance company. The insurance…

A: Present value (PV) is the current value of a future sum of money or stream of cash flows at a…

Q: Webb Corporation has a standard costing system. The following data are available for October: Actual…

A: Material price variance = Actual quantity × (Standard price - Actual price)

Q: What is the balance of the following cash account on January 31, 2020 Dr. 1/1/2020 1/6/2020…

A: A cash account is a kind of ledger that is used in accounting to record all cash transactions. It is…

Q: Blossom, Inc. is considering purchasing equipment costing $90000 with a 6-year useful life. The…

A: PI is also known Profitability Index. It is a capital budgeting techniques which help in decision…

Q: Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time…

A: The revenue and expenses of a construction contract may be recorded under the percentage of…

Q: P1-5 Using Financial Reports: Applying the Accounting Equation to Liquidate a Company LO1-1 On June…

A: When a company liquidates it sells the assets and pays the liabilities. The company first pays the…

Q: The following selected information was extracted from the 20x1 accounting records of Lone Oak…

A: Cost of goods manufactured is the total cost incurred for manufacturing a product in the factory. It…

Q: Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company…

A: The acquisition cost, in accounting, refers to the total cost incurred by a company to acquire an…

Q: "alue ratio (LVK) 80%. The standing is educing the value of your property to $600,000. What is the…

A: Loan-to-value (LTV) is simply calculated by taking the loan amount and dividing it by the value of…

Q: he Accounts Question: Why should debits t

A: Debits to expense accounts should exceed the credits because expenses represent the costs incurred…

Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…

A: The difference between the standard price and the actual price paid for procuring materials is…

Question

Subject: acounting

The equity of Alliance Company is $170,000 and the total liabilities are $90,000. The total assets are
OA. $340,000
B. $80,000
C. $260,000
D. $180,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Explanation -

VIEW

Step 2: Computation -

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hummel Inc. has $30,000 in current assets and $15,000 in current liabilities. What is Hummels current ratio? a. 3 c. 1 b. 2 d. 0.5
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
During 20X2, Evans Company had the following transactions: a. Cash dividends of 6,000 were paid. b. Equipment was sold for 2,880. It had an original cost of 10,800 and a book value of 5,400. The loss is included in operating expenses. c. Land with a fair market value of 15,000 was acquired by issuing common stock with a par value of 3,600. d. One thousand shares of preferred stock (no par) were sold for 4.20 per share. Evans provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Evans Company.
Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
What is the amount of ending capital shown on the balance sheet for Floress Catering? a. 22,000 b. 20,000 c. 45,500 d. 32,800
During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid. b. Equipment was sold for 9,600. It had an original cost of 36,000 and a book value of 18,000. The loss is included in operating expenses. c. Land with a fair market value of 50,000 was acquired by issuing common stock with a par value of 12,000. d. One thousand shares of preferred stock (no par) were sold for 14 per share. Norton provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Norton Company.
Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?
Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of 8,125,000, and total assets of 40,625,000. Required: Note: Round answers to two decimal places. 1. Calculate the debt ratio. 2. Calculate the debt-to-equity ratio.
The assets of Star Company are $160,000 and the total liabilities are $60,000. The equity is ________. A. $220,000 B. $60,000 C. $160,000 D.$100,000
The liabilities of Carla Vista Company are $91,600 and the stockholders' equity is $249,000. What is the amount of Carla Vista's total assets?
The liabilities and owner’s equity of a company are $328,000 and $284,000, respectively. Assets should equal $44,000 $84,000 $612,000 $128,000
The liabilities of Shumway Company Ltd. are 120,000 and the equity is 232,000. What is the amount of Shumway Company Ltd.'s total assets?