Use the accounting equation to answer each of the following questions. (a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,0 expenses, $320,000. What is the amount of Olga Company's total assets? Total assets $ (b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $5 and expenses, $35,000. What is the amount of the company's total liabilities? Total liabilities 2$
Use the accounting equation to answer each of the following questions. (a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,0 expenses, $320,000. What is the amount of Olga Company's total assets? Total assets $ (b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $5 and expenses, $35,000. What is the amount of the company's total liabilities? Total liabilities 2$
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.4E: The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total...
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Transcribed Image Text:Use the accounting equation to answer each of the following questions.
(a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and
expenses, $320,000. What is the amount of Olga Company's total assets?
Total assets
$
(b) The total assets of Lafayette Company are $57,000. Common stock account is $23,000; dividends are $7,000; revenues, $50,000;
and expenses, $35,000. What is the amount of the company's total liabilities?
Total liabilities
$
(c) The total assets of Dierdorf Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of
Dierdorf Co's stockholders' equity?
Stockholders' equity
%24
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