The total assets and total liabilities (in millions) ofABC Corporation and XYZ Corporation follow:AssetsLiabilitiesABC$37,65816,570millionABC Corporation stockholders' equity $Determine the stockholders' equity of eachcompany.XYZXYZ Corporation stockholders' equity $million$36,52817,533

The basic accounting equation formula is:Total Assets = Total Liabilities + Stockholder's…

The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: ABC Assets $37,658 16,570 ABC Corporation stockholders' equity $ million Liabilities Determine the stockholders' equity of each company. XYZ XYZ Corporation stockholders' equity $ million $36,528 17,533

The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: ABC Assets $37,658 16,570 ABC Corporation stockholders' equity $ million Liabilities Determine the stockholders' equity of each company. XYZ XYZ Corporation stockholders' equity $ million $36,528 17,533

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gold River Corporation has the following data: Current Assets $206,000 Total Assets $20,000 Net Income $345,000 Current Liabilities $125,000 Total Liabilities $250,000 Stockholders' equity $270,000 Average common shares outstanding 10,000 What is Gold River's current ratio? a. 2.08 b. 1.64 c. 1.56 d. 0.82
The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation. Gold Mythic Current assets 350,000 185,000 Land 80,000 25,000 Building, net 250,000 325,000 Goodwill 195,000 100,000 Total Assets 875,000 635,000 Accounts payable 115,000 85,000 Bonds payable 170,000 150,000 Common stocks, P10 par 150,000 75,000 APIC 200,000 40,000 Retained Earnings 240,000 285,000 Total Liabilities and Equity 875,000 635,000 The appraised values of the Mythic Corporation’s land and buildings are P20,000 and P258,000, respectively. Gold issues 15,250 shares of common stocks with a fair value of P12 each. Gold also pays out-of-pocket costs for the following: Broker's fee 10,000 Professional fees to valuers 3,000 Legal fees…
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Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Standard Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Taxes Payable Preferred Stock ($10 par value) Common Stock: $10 par value $5 par value Retained Earnings Total Liabilities and Owners' Equity Pagle Corporation $ 53,000 85,000 126,000 700,000 (295,000) 160,000 $ 829,000 Basic earnings per share Diluted earnings per share $ 120,000 79,000 200,000 100,000 330,000 $ 829,000 Required: Compute basic and diluted EPS for the consolidated entity for 20X1. Note: Round your answers to 2 decimal places. Standard Company $ 43,000 65,000 76,000 330,000 (130,000) $ 384,000 $ 84,000 100,000 An 8 percent annual dividend is paid on the Pagle preferred stock and a 12 percent dividend is paid on the Standard…
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Gold River Corporation has the following data: Current Assets $206,000 Total Assets $20,000 Net Income $345,000 Current Liabilities $125,000 Total Liabilities $250,000 Stockholders' equity $270,000 Average common shares outstanding 10,000 What is Gold River's current ratio? a. 2.08 b. 1.64 c. 1.56 d. 0.82 Just want to confirm. My answer is 1.64
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The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation. Gold Mythic Current Assets 350,000 185,000 Land 80,000 25,000 Building, net 250,000 325,000 Goodwill 195,000 100,000 Total Assets 875,000 635,000 Accounts Payable 115,000 85,000 Bonds Payable 170,000 150,000 Common stocks,P10 par 150,000 75,000 APIC…
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