The total assets and total liabilities (in millions) of Pat's Coffee & Tea Inc. and Pam's Corporation follow: Pat's Coffee & Tea Inc. Pam's Corporation Assets $47,006 $45,596 Liabilities 20,683 21,886 Determine the stockholders' equity of each company. Enter your answers in millions. Pat's Coffee & Tea Inc. stockholders' equity million Pam's Corporation stockholders' equity million

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 4E: Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation...
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Accounting Equation
The total assets and total liabilities (in millions) of Pat's Coffee & Tea Inc. and Pam's Corporation follow:
Pat's Coffee & Tea Inc.
Pam's Corporation
Assets
$47,006
$45,596
Liabilities
20,683
21,886
Determine the stockholders' equity of each company. Enter your answers in millions.
Pat's Coffee & Tea Inc. stockholders' equity
million
Pam's Corporation stockholders' equity
million
Transcribed Image Text:Accounting Equation The total assets and total liabilities (in millions) of Pat's Coffee & Tea Inc. and Pam's Corporation follow: Pat's Coffee & Tea Inc. Pam's Corporation Assets $47,006 $45,596 Liabilities 20,683 21,886 Determine the stockholders' equity of each company. Enter your answers in millions. Pat's Coffee & Tea Inc. stockholders' equity million Pam's Corporation stockholders' equity million
Expert Solution
Stockholders' Equity

Stockholders equity refers to the amount attributable to the stockholders of the company. It is determined by subtracting outside liabilities from the assets.

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