FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its
liabilities?
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- Pharoah Enterprises has total current assets of $354,002 and fixed assets of $465,306. The company also has long-term debt of $278,400, $100,000 in its common stock account, and retained earnings of $187,570. What is the value of its total current liabilities?arrow_forwardOrem Corporation's current liabilities are $191,880, its long-term liabilities are $1,356, 420, and its working capital is $268, 600. If the corporation's debt-to - equity ratio is 0.39, total long-term assets must equal: Multiple Choice $5, 249, 700 $5,057, 820 $4, 565, 820 $3,970, 000arrow_forwardGillin Ltd has current liabilities of £100,000, non-current liabilities of £150,000, current assets of £220,000 and equity of 280,000. Gillin Ltd has non-current assets of: (a) £300,000 (b) £280,000 (c) £310,000 (d) £350,000arrow_forward
- Arizona Corp. had the following account balances at 12/1/19: Receivables: $96,000; Inventory: $240,000; Land: $720,000; Building: $600,000; Liabilities: $480,000; Common stock: $120,000; Additional paid-in capital: $120,000; Retained earnings, 12/1/19: $840,000; Revenues: $360,000; and Expenses: $264,000. Several of Arizona's accounts have fair values that differ from book value. The fair values are: Land — $480,000; Building — $720,000; Inventory — $336,000; and Liabilities — $396,000. Inglewood Inc. acquired all of the outstanding common shares of Arizona by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. Imagine you are the decision maker at Inglewood Inc. Prepare a fair value allocation and goodwill schedule at the date of the acquisition. Determine in 525- words whether you would encourage acquiring Arizona Corp? Be sure to include your rationaarrow_forwardIndustrial Incorporated has current liabilities of $2,500, long-term debt of $4,000, and shareholders' equity of 14,250. If Fixed assets total $18,250, current assets must bearrow_forwardVeltri Incorporated has the following assets and liabilities (assets are stated at net realizable value): Assets pledged with secured creditors $ 80,000 Assets pledged with partially secured creditors 70,000 Other assets 180,000 Secured liabilities 40,000 Partially secured liabilities 95,000 Liabilities with priority 55,000 Unsecured liabilities 225,000 In a liquidation, how much money would be paid on the partially secured liabilities?arrow_forward
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